Is Fairfax, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$725,000
$334/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Fairfax have sold for 8% more than they did a year ago.
Summary: The median home sold price in Fairfax was $725,000 in April 2024, up 8% from last year, and the median price per square foot was $334.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $270K | $285K | +5.6% |
| 2 Bedrooms | $402.5K | $431.5K | +7.2% |
| 3 Bedrooms | $611K | $672.2K | +10.0% |
| 4 Bedrooms | $750K | $826.2K | +10.2% |
| 5+ Bedrooms | $1.1M | $1.0M | -6.0% |
Summary: Fairfax housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes decreased by 6%.
Median Sold Price Compared To Nearby Cities
| Sully | $613.2K | $676.4K | +10.3% |
| Fairfax | $671.4K | $725K | +8.0% |
| Braddock | $675K | $717K | +6.2% |
| Providence | $625.7K | $629.6K | +0.6% |
Housing Supply in Fairfax, VA
How many homes are available in Fairfax, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 280 | 386 | +37.9% |
Summary: The Fairfax real estate market had 386 homes for sale in April 2024, a 37.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 17 | +70.0% |
| 2 Bedrooms | 43 | 45 | +4.7% |
| 3 Bedrooms | 85 | 114 | +34.1% |
| 4 Bedrooms | 92 | 126 | +37.0% |
| 5+ Bedrooms | 50 | 84 | +68.0% |
Summary: The Fairfax housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 70%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 34.1%, 4 bedroom homes increased by 37%, and 5+ bedroom homes increased by 68%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 96 | 131 | +36.5% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
98 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax, you could pay more than the asking price. 74.8% of homes here sold above asking price last month.
Summary: A total of 131 homes were sold or pending in Fairfax in April 2024, up by 36.5% month-over-month. Of the 131 sold homes, 12% were sold under asking, 13% were sold at asking, and 75% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 12 Days | 5 Days | -58.8% |
Summary: Homes in Fairfax had an average of 5 days on market in Apr 2024, down by 58.8% compared to last year.
Breakdown of Home Sale Times
130 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 Fairfax are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 131 homes were sold in Fairfax; 99% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
