Is Fairfield, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fairfield is a seller's market

Buyer's
Market

Difference Since February 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

$326,269

$200/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$36,272(+12.5%)

Key Takeaway

Homes in Fairfield have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in Fairfield was $326,269 in February 2024, up 12.5% from last year, and the median price per square foot was $200.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $155K$180K
+16.1%
2 $205K$220K
+7.3%
3 $275.5K$314.9K
+14.3%
4 $355K$380K
+7.0%
5+ $425K$425.2K
0.1%

Summary: Fairfield housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.1%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 0.1%.

Median Sold Price Compared To Nearby Cities

Fairfield
+12.5%
Brookland
+7.4%
Henrico
+6.9%
Chickahominy
+5.2%
Mechanicsville
+3.3%

Housing Supply in Fairfield, VA

How many homes are available in Fairfield, VA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
170194+14.1%

Summary: The Fairfield real estate market had 194 homes for sale in February 2024, a 14.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 11
0.0%
2 1011
+10.0%
3 93109
+17.2%
4 5662
+10.7%
5+ 1011
+10.0%

Summary: The Fairfield housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 10.7%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3457+67.6%

Asking Price vs. Sold Price

25 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fairfield, you may be able to get a good deal. 43.9% of homes here sold below asking price last month.

Summary: A total of 57 homes were sold or pending in Fairfield in February 2024, up by 67.6% month-over-month. Of the 57 sold homes, 44% were sold under asking, 21% were sold at asking, and 35% 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

Feb 2023Feb 2024CHANGE
22 Days18 Days-15.7%

Summary: Homes in Fairfield had an average of 18 days on market in Feb 2024, down by 15.7% compared to last year.

Breakdown of Home Sale Times

46 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Fairfield are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 57 homes were sold in Fairfield; 81% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Fairfield, VA

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