Is Great Falls, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Great Falls was a Seller's Market.
Key Takeaway
Great Falls is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Great Falls, VA
How much do homes in Great Falls, VA cost?
Median Sold Price
$1,650,000
$340/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Great Falls have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in Great Falls was $1,650,000 in April 2024, up 6.5% from last year, and the median price per square foot was $340.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $3.3M | $805K | -75.6% |
| 3 Bedrooms | $1.1M | $1.0M | -7.6% |
| 4 Bedrooms | $1.2M | $1.3M | +4.6% |
| 5+ Bedrooms | $1.8M | $1.8M | -0.3% |
Summary: Great Falls housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 75.6%, 3 bedroom homes decreased by 7.6%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes decreased by 0.3%.
Housing Supply in Great Falls, VA
How many homes are available in Great Falls, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 54 | 76 | +40.7% |
Summary: The Great Falls real estate market had 76 homes for sale in April 2024, a 40.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 4 | -20.0% |
| 4 Bedrooms | 14 | 22 | +57.1% |
| 5+ Bedrooms | 35 | 50 | +42.9% |
Summary: The Great Falls 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 remained the same, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 57.1%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 12 | +20.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Great Falls, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Great Falls in April 2024, up by 20.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 8% were sold at asking, and 42% were sold over asking.
Days on Market for Great Falls, VA
How long does it take to sell a home in Great Falls, VA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 18 Days | 12 Days | -35.4% |
Summary: Homes in Great Falls had an average of 12 days on market in Apr 2024, down by 35.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Great Falls are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 12 homes were sold in Great Falls; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
