Is Fairfax City, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Fairfax City has remained a Seller's Market.
Key Takeaway
Fairfax City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fairfax City, VA
How much do homes in Fairfax City, VA cost?
Median Sold Price
$700,000
$316/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Fairfax City have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Fairfax City was $700,000 in April 2024, up 3.7% from last year, and the median price per square foot was $316.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $218.4K | $225K | +3.0% |
| 2 Bedrooms | $272.5K | $409.5K | +50.3% |
| 3 Bedrooms | $635K | $725.5K | +14.3% |
| 4 Bedrooms | $722.5K | $772.7K | +7.0% |
| 5+ Bedrooms | $1.1M | $1.1M | +3.6% |
Summary: Fairfax City housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3%, 2 bedroom homes increased by 50.3%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 3.6%.
Median Sold Price Compared To Nearby Neighborhoods
| Farrcroft | $1.1M | $1.1M | +6.6% |
| Fairfax City | $675K | $700K | +3.7% |
| Fairfax City District | $675K | $700K | +3.7% |
| Country Club Hills | $720K | $729.2K | +1.3% |
Housing Supply in Fairfax City, VA
How many homes are available in Fairfax City, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 40 | 59 | +47.5% |
Summary: The Fairfax City real estate market had 59 homes for sale in April 2024, a 47.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 6 | 3 | -50.0% |
| 3 Bedrooms | 16 | 21 | +31.3% |
| 4 Bedrooms | 11 | 24 | +118.2% |
| 5+ Bedrooms | 5 | 9 | +80.0% |
Summary: The Fairfax City housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 31.3%, 4 bedroom homes increased by 118.2%, and 5+ bedroom homes increased by 80%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 12 | -29.4% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax City, you could pay more than the asking price. 91.7% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Fairfax City in April 2024, down by 29.4% month-over-month. Of the 12 sold homes, 8% were sold under asking, 0% were sold at asking, and 92% were sold over asking.
Days on Market for Fairfax City, VA
How long does it take to sell a home in Fairfax City, VA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 15 Days | 3 Days | -76.4% |
Summary: Homes in Fairfax City had an average of 3 days on market in Apr 2024, down by 76.4% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Fairfax City are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 12 homes were sold in Fairfax City; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
