Around F.C., News

A Single Family Home in the City Under a Million? Good Luck!

In the past year, the median sale price of a single family home in Falls Church surpassed a record-setting $1 million. The milestone reflects the past two decades of rising home prices in the region and the ultra-competitive nature of its real estate market. For buyers looking to live in or near Falls Church but can’t afford a million dollar price tag, options are limited. At the time of publication, there are no single family homes in the city of Falls Church proper listed under $1 million. Right outside the city, still in the 22046 ZIP code, there are two, single-family homes still in the six-digit price range. 

7327 Allan Ave, listed for $859,900, is a five bedroom, three bathroom rambler located in Fairfax County off of Shreve Rd. The home is listed by Paul Thistle at Take 2 Real Estate. 

“The house offers a really good value for a single family home in Falls Church,” Thistle said. 

The home has a fenced-in yard, a kitchen with a small island and a recreation room in the basement. The main level has a master bedroom with two walk-in closets, two bathrooms, and two additional bedrooms.

6709 Hallwood Ave is a Cape Cod located near the intersection of I-66 and Great Falls Street in Fairfax County. The four bedroom, three bathroom house is listed for $849,000 by John Brand at Compass Real Estate.

6709 Hallwood Ave. in Fairfax County is listed for $849,900. (Photo: Sam Mostow)

The house is on the market for the first time in 50 years with many of its original details still intact. The 0.42 acre lot has a large, fenced-in backyard, mature trees and a screened in porch. 

Those looking to purchase townhomes or condos within the city will have some options in the under-$1 million category. 

141 W Annandale Road is a three bedroom, four bathroom townhouse in the Cherry Hill neighborhood that was just listed for $765,000 by Amanda Steinmuller at RLAH Real Estate. It has a small stone patio, breakfast bar and close proximity to downtown Falls Church. There are also three luxury condos for sale in the city, all priced at $800,000 or above. 

“There is a premium to live in Falls Church City,” Brenden Woodley, a Housing Development Specialist in the city’s housing department. He said the draw of the city’s schools pushes up prices relative to comparable houses in neighboring Fairfax County.

“The market is incredibly seller centric,” Woodley said. 

In January 2023, the city launched the Affordable Homeownership Program. Funding from the program is from a grant the city received from Amazon REACH. The city received $3.75 million from Amazon as part of the company’s effort to offset rising housing costs in the wake of its HQ2 in Arlington. 

Homes up to $700,000 will be purchased by the city then sold with a subsidy of up to $170,000 for income-qualified first-time homebuyers. Program participants will also be eligible for other state-run affordable housing benefits, including SPARC low-interest mortgages, for which the city just received funding for. 

“This is a remarkable program,” Woodley said of the AHP. Eventually, the city will own 18 properties, mostly condos and townhomes, through the program. He predicted that rising interest rates may temporarily cool the housing market in Falls Church.

“Everyone wants the [single-family home], white picket fence with a quarter of an acre,” Woodley said. “But density is more sustainable and affordable.”