Is Fairfax, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Fairfax has remained a Seller's Market.
Key Takeaway
Fairfax is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fairfax, VA
How much do homes in Fairfax, VA cost?
Median Sold Price
$716,289
$330/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Fairfax have sold for 10.2% more than they did a year ago.
Summary: The median home sold price in Fairfax was $716,289 in March 2024, up 10.2% from last year, and the median price per square foot was $330.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $262.7K | $290K | +10.4% |
| 2 Bedrooms | $410K | $425K | +3.7% |
| 3 Bedrooms | $602.5K | $669K | +11.0% |
| 4 Bedrooms | $735K | $815K | +10.9% |
| 5+ Bedrooms | $1.2M | $1.0M | -13.9% |
Summary: Fairfax housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.4%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 10.9%, and 5+ bedroom homes decreased by 13.9%.
Median Sold Price Compared To Nearby Cities
| Fairfax | $649.9K | $716.2K | +10.2% |
| Sully | $618.6K | $660.2K | +6.7% |
| Providence | $616.1K | $635.2K | +3.1% |
| Braddock | $685K | $704K | +2.8% |
Housing Supply in Fairfax, VA
How many homes are available in Fairfax, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 379 | 459 | +21.1% |
Summary: The Fairfax real estate market had 459 homes for sale in March 2024, a 21.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 15 | +36.4% |
| 2 Bedrooms | 47 | 66 | +40.4% |
| 3 Bedrooms | 114 | 131 | +14.9% |
| 4 Bedrooms | 128 | 149 | +16.4% |
| 5+ Bedrooms | 79 | 98 | +24.1% |
Summary: The Fairfax housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 36.4%, 2 bedroom homes increased by 40.4%, 3 bedroom homes increased by 14.9%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 24.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 77 | 90 | +16.9% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
61 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax, you could pay more than the asking price. 67.8% of homes here sold above asking price last month.
Summary: A total of 90 homes were sold or pending in Fairfax in March 2024, up by 16.9% month-over-month. Of the 90 sold homes, 11% were sold under asking, 21% were sold at asking, and 68% were sold over asking.
Days on Market for Fairfax, VA
How long does it take to sell a home in Fairfax, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 24 Days | 8 Days | -65.2% |
Summary: Homes in Fairfax had an average of 8 days on market in Mar 2024, down by 65.2% compared to last year.
Breakdown of Home Sale Times
85 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Fairfax are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 90 homes were sold in Fairfax; 94% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
