About Falls Church
The City of Falls Church is a special place just minutes from our Nation's Capital. Nicknamed "the Little City," Falls Church is an autonomous city in the Commonwealth of Virginia and a part of the Washington metro region. The town had a population of 14,658 people, as per the 2020 Census.
Falls Church took its name from The Falls Church, a parish of the Church of England that ultimately became the Episcopal Church, where George Washington once served as a member of the parochial vestry. The area was given township status within Fairfax County in 1875 and was formed as the City of Falls Church in 1948 as an independent city with county-level governance standing, despite not being a county.
The City of Falls Church is combined with Fairfax City and Fairfax County by the U.S. Department of Commerce's Bureau of Economic Analysis for statistical purposes. At 2.11 square miles, this Virginia town is the smallest county-equivalent district in the United States and the smallest incorporated city in the Commonwealth of Virginia.
Living in Falls Church
Located just seven miles from Washington, D.C., Falls Church is home to a host of welcoming families and young professionals. The majority of residents own their residences, which include single-family homes, townhomes in Falls Church, VA, condos, and apartments. Locals enjoy the urban feel of the city's eateries, coffee shops, and parks, and the schools in Falls Church are nationally-ranked.
Falls Church's overall small-town feel is both charming and peaceful. Every Saturday throughout the year, locals go to the City Hall parking lot for the Falls Church Farmers Market and meet up with friends and neighbors to browse the products of around 40 merchants. The nearby park, Cherry Hill Park, is full of interesting history and beautiful views. Visitors come to the park to tour the farmhouse from the Civil War, while residents go there for various special events, such as the summer music series.
Another well-liked location in Falls Church is Eden Center, often known as Little Saigon, where a vivid red pagoda greets guests to the biggest assemblage of Vietnamese eateries and shops in the area. Stepping inside Eden Center will immerse you in the sights, sounds, and scents of Vietnam, whether you want to eat genuine cuisine or shop for specific products. Along with a wide variety of eateries and pubs, the State Theatre, a well-liked live music facility built around 1936, is yet another favorite Falls Church hangout for locals to enjoy.
Falls Church real estate market forecast for 2023
According to the experts, sales activity in Virginia's housing market dropped dramatically in 2022, and we're on course to have our steepest yearly decrease in closed sales in more than ten years. Since rising interest rates will continue to hinder market activity, the slowdown is expected to persist into 2023. Additionally, prices continue to go upward due to restricted supply, even with the reduced sales activity of 2022. However, it's expected that price increases will slow down in 2023. Here are some more housing market forecast statistics to take into account:
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Home sales are predicted to be 2.5% lower in 2023 than they were in 2022. Rising mortgage rates, rising home prices, and a lack of available inventory are all contributing to the market slowdown by putting more potential buyers on hold. One key to success in this market is working with a real estate agent who has experience navigating slowdowns. A good agent will guide you through pricing your home correctly and marketing it effectively to buyers who are still actively looking. They will also be able to help you negotiate any challenges that come up during the sale. So even in a slower market, there are still ways to succeed - it just comes down to knowing how to work the system.
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According to projections, Virginia's median home price is expected to rise by 2.9% year over year (2022 to 2023). Home prices will continue to grow in many locations across the state, but the growth rate will slow down in 2023.
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Virginia is projected to have a 3.6% decline in new housing openings in 2023. Housing starts have decreased, and demand for new homes has slowed; this pattern is expected to persist into next year. This pattern is attributable to a few factors, including the economy's slowdown. However, despite these challenges, Virginia remains an attractive market for new homebuyers. The state offers a variety of amenities and benefits that make it an attractive place to live. In addition, the current market conditions provide an opportunity for buyers to get more bang for their buck.
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It is anticipated that the 30-year fixed-rate mortgage rate will have decreased to around 5.2% by December 2023.
As Virginia's economy shifts, the real estate market is becoming increasingly complex. For buyers and sellers navigating this difficult landscape, the experience of a qualified Falls Church real estate agent is crucial. The ideal broker will have an in-depth understanding of the local market and be able to provide insights and guidance that can make all the difference. They will also be up-to-date on the latest trends and developments, so you can be confident you are making the best decisions possible.
Choose Falls Church's leading real estate agent
Andreea Leu is a Principal-Agent at Compass Real Estate who boasts years of experience helping clients buy and sell homes in Falls Church and other parts of Northern Virginia. She has a wealth of expertise in assisting buyers and sellers to realize their real estate objectives. Andreea strives to go above and beyond her client's expectations and make every transaction a wonderful experience. She understands and cherishes the tremendous confidence that her clients place in her. What's more, numerous repeat clients have benefited from her excellent work ethic, meticulous attention to detail, communication abilities, and engaging personality.
Andreea understands the unique challenges that come with searching for homes for sale in Falls Church, VA today's market and is here to help you every step of the way. So if you're thinking of buying or selling a home in Falls Church, don't hesitate to reach out. Andreea will be happy to answer any questions you may have and help you find the perfect Falls Church property for you, including townhomes, and duplexes. Get in touch today to get started!
