Housing values in Fairfax County reflect a national trend of higher housing costs, with the median value of owned residences rising 16 percent in January 1980 as compared to the previous year, according to a recent report.
The report by the Fairfax County Office of Research and Statistics indicated the median value of an owned dwelling was estimated at $87,200 as of January 1980, while the median value for 1979 was $75,200.
The median value means that half of all owned dwellings in the county are worth less than $87,200 and half have values above that amount.
The average housing value in the county in January was $93,500, indicating a concentration of housing units in the upper price range, the report said.
High housing costs in the county had previously been prevalent in areas of recent development. Until 1979, the demand for housing coupled with relatively lower housing prices contributed to an increase in housing in older areas of the county such as Springfield and Annandale.
The report noted that values in the county differ according to location and type of residence. The median value of a single-family detached home in January 1980 was $95,000, compared with an estimated townhouse value of $69,900 and $43,700 for condominiums.