Fairfax County unemployment down and home prices up

The number of Fairfax County residents who are unemployment is at its lowest since 2008. The county reports the unemployment rate in Fairfax dropped to 2.6 percent in December. That’s a decrease of more than 2,000 people between November and December of 2017.

Statewide, the December seasonally adjusted unemployment rate is higher than in Fairfax County. It was unchanged from a month ago at 3.6 percent. The rate was down 0.5 percentage point from December 2016. Nationally the rate was 4.1 percent.

Fairfax County home sales

Home prices continue to move up. The average sales price of all homes that sold in January was $560,919, an increase of 2.8 percent over the January 2017 average sales price of $545,772.

Chart listing average home sale prices for 2017 and 2018.

There are far fewer homes on the market than there were a year ago. The number of active listings in the county in January was 1,515, a decrease of 23.4 percent from the 1,977 listings in January 2017. Homes are also selling a little faster. On average, homes that sold in Fairfax County in January were on the market for 61 days. This is 9 days fewer than the 70-day average in January of 2017. However, the number of homes sold in a month is pretty much holding steady. In January, 786 homes were sold in the county, a decrease of 1 percent from the 794 homes sold in January 2017.

Nationwide, home prices in 20 U.S cities, as measured by the S&P Case-Shiller home price index, inceased 6.3 percent for the 12 months ending in December. Home prices in the Washington Metropolitan area posted a 2.8 percent gain during the same period, the second lowest rate of increase after Chicago among the metropolitan areas in the index.




About the Author

Ed Tobias
Ed Tobias brings more than four decades of reporting and news management experience to his work at FairfaxNews. Tobias managed news coverage for Associated Press Radio for over twenty years.  This included coverage of the 9/11 attacks, the Iraq War, Hurricane Katrina, the death of Princess Diana, the Challenger and Columbia shuttle disasters and national election primaries, conventions and campaigns.  He was part of the team that built AP’s on-line video operation. Prior to joining AP, Tobias was News Director at all-news WTOP in Washington, D.C. He has won two Ohio State Awards for his reporting and producing and he led coverage that won an Edward R. Murrow Award.