The land Faerie is located in the Nevernever, the realm of the spirit, and is the part that is closest to the mortal world. It therefore has close ties to and resembles the real world a lot in that it is failry permanent and unchanging and has several versions of weather. However, the rules of reality do not apply so strongly or in the same way there. It can be very treacherous—most who go, never come back.
Faerie is inhabited by faeries, and ruled by the Faerie Courts. The land is divided into two territories, respectively controlled by the Summer Court and Winter Court. Each territory is permanently in its corresponding season. The majority of Faerie, however, is Wyld, or a no-man's-land.
It is in constant perfect balance between light and darkness.