Is Parkfairfax, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Parkfairfax was a Seller's Market.
Key Takeaway
Parkfairfax 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 Parkfairfax, VA
How much do homes in Parkfairfax, VA cost?
Median Sold Price
$350,000
$428/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Parkfairfax have sold for 5.7% less than they did a year ago.
Summary: The median home sold price in Parkfairfax was $350,000 in March 2024, down 5.7% from last year, and the median price per square foot was $428.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $320.2K | $325K | +1.5% |
| 2 Bedrooms | $388.7K | $422.5K | +8.7% |
| 3 Bedrooms | $473.7K | $493.2K | +4.1% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Parkfairfax housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.5%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 4.1%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| South Fairlington | $578K | $595.5K | +3.0% |
| Fairlington | $535K | $539.2K | +0.8% |
| Parkfairfax | $371K | $350K | -5.7% |
| North Ridge / Rosemont | $710K | $620K | -12.7% |
| North Ridge | $1.1M | $1.0M | -15.8% |
Housing Supply in Parkfairfax, VA
How many homes are available in Parkfairfax, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 22 | 28 | +27.3% |
Summary: The Parkfairfax real estate market had 28 homes for sale in March 2024, a 27.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 10 | +11.1% |
| 2 Bedrooms | 11 | 14 | +27.3% |
| 3 Bedrooms | 2 | 4 | +100.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Parkfairfax housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 100%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Parkfairfax, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 4 homes were sold or pending in Parkfairfax in March 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for Parkfairfax, VA
How long does it take to sell a home in Parkfairfax, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 5 Days | 7 Days | +23.5% |
Summary: Homes in Parkfairfax had an average of 7 days on market in Mar 2024, up by 23.5% compared to last year.
Breakdown of Home Sale Times
4 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 Parkfairfax are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 4 homes were sold in Parkfairfax; 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.
