Is Merrifield, 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, Merrifield has remained a Seller's Market.
Key Takeaway
Merrifield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Merrifield, VA
How much do homes in Merrifield, VA cost?
Median Sold Price
$575,000
$390/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Merrifield have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in Merrifield was $575,000 in March 2024, up 3.5% from last year, and the median price per square foot was $390.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $325K | $362K | +11.4% |
| 2 Bedrooms | $469K | $500K | +6.6% |
| 3 Bedrooms | $634K | $627.8K | -1.0% |
| 4 Bedrooms | $785K | $885K | +12.7% |
| 5+ Bedrooms | $1.1M | $1.2M | +9.4% |
Summary: Merrifield housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.4%, 2 bedroom homes increased by 6.6%, 3 bedroom homes decreased by 1%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 9.4%.
Housing Supply in Merrifield, VA
How many homes are available in Merrifield, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 54 | 65 | +20.4% |
Summary: The Merrifield real estate market had 65 homes for sale in March 2024, a 20.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 8 | -11.1% |
| 2 Bedrooms | 18 | 17 | -5.6% |
| 3 Bedrooms | 10 | 16 | +60.0% |
| 4 Bedrooms | 13 | 17 | +30.8% |
| 5+ Bedrooms | 4 | 7 | +75.0% |
Summary: The Merrifield housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 11.1%, 2 bedroom homes decreased by 5.6%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 75%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 13 | +44.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Merrifield, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Merrifield in March 2024, up by 44.4% month-over-month. Of the 13 sold homes, 23% were sold under asking, 23% were sold at asking, and 54% were sold over asking.
Days on Market for Merrifield, VA
How long does it take to sell a home in Merrifield, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 30 Days | 14 Days | -52.2% |
Summary: Homes in Merrifield had an average of 14 days on market in Mar 2024, down by 52.2% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Merrifield are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 13 homes were sold in Merrifield; 92% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
