Is Fairfield, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Fairfield has remained a Seller's Market.
Key Takeaway
Fairfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fairfield, VA
How much do homes in Fairfield, VA cost?
Median Sold Price
$333,479
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Fairfield have sold for 9% more than they did a year ago.
Summary: The median home sold price in Fairfield was $333,479 in May 2024, up 9% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155K | $180K | +16.1% |
| 2 Bedrooms | $200K | $227K | +13.5% |
| 3 Bedrooms | $292.5K | $316.1K | +8.1% |
| 4 Bedrooms | $355K | $387.7K | +9.2% |
| 5+ Bedrooms | $425K | $440K | +3.5% |
Summary: Fairfield housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.1%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Cities
| Brookland | $340K | $374.6K | +10.2% |
| Fairfield | $306K | $333.4K | +9.0% |
| Henrico | $349.9K | $380.5K | +8.7% |
| Chickahominy | $460.9K | $489.9K | +6.3% |
| Mechanicsville | $410K | $429.9K | +4.9% |
Housing Supply in Fairfield, VA
How many homes are available in Fairfield, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 215 | 213 | -0.9% |
Summary: The Fairfield real estate market had 213 homes for sale in May 2024, a 0.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 15 | 16 | +6.7% |
| 3 Bedrooms | 124 | 131 | +5.6% |
| 4 Bedrooms | 64 | 54 | -15.6% |
| 5+ Bedrooms | 12 | 11 | -8.3% |
Summary: The Fairfield housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 5.6%, 4 bedroom homes decreased by 15.6%, and 5+ bedroom homes decreased by 8.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 59 | -1.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfield, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.
Summary: A total of 59 homes were sold or pending in Fairfield in May 2024, down by 1.7% month-over-month. Of the 56 sold homes, 11% were sold under asking, 25% were sold at asking, and 64% were sold over asking.
Days on Market for Fairfield, VA
How long does it take to sell a home in Fairfield, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 12 Days | -16.2% |
Summary: Homes in Fairfield had an average of 12 days on market in May 2024, down by 16.2% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Fairfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 59 homes were sold in Fairfield; 83% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes. 
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.