Is Falls Church, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Falls Church has remained a Seller's Market.
Key Takeaway
Falls Church is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Falls Church, VA
How much do homes in Falls Church, VA cost?
Median Sold Price
$723,508
$369/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Falls Church have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in Falls Church was $723,508 in May 2024, up 4.6% from last year, and the median price per square foot was $369.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $235.4K | $255K | +8.3% |
| 2 Bedrooms | $350K | $350K | 0.0% |
| 3 Bedrooms | $675K | $750K | +11.1% |
| 4 Bedrooms | $830K | $900K | +8.4% |
| 5+ Bedrooms | $1.4M | $1.4M | +6.0% |
Summary: Falls Church housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.3%, 2 bedroom homes did not change, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 6%.
Median Sold Price Compared To Nearby Cities
| Mason | $629.3K | $677.5K | +7.6% |
| Falls Church | $691.9K | $723.5K | +4.6% |
| Mc Lean | $1.2M | $1.2M | +3.6% |
| Providence | $617.1K | $636.4K | +3.1% |
| Falls Church | $725K | $720.3K | -0.6% |
Housing Supply in Falls Church, VA
How many homes are available in Falls Church, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 323 | 377 | +16.7% |
Summary: The Falls Church real estate market had 377 homes for sale in May 2024, a 16.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 32 | 40 | +25.0% |
| 2 Bedrooms | 58 | 81 | +39.7% |
| 3 Bedrooms | 77 | 81 | +5.2% |
| 4 Bedrooms | 68 | 80 | +17.6% |
| 5+ Bedrooms | 88 | 95 | +8.0% |
Summary: The Falls Church housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 39.7%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 95 | 83 | -12.6% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Falls Church, you could pay more than the asking price. 55.4% of homes here sold above asking price last month.
Summary: A total of 83 homes were sold or pending in Falls Church in May 2024, down by 12.6% month-over-month. Of the 83 sold homes, 28% were sold under asking, 17% were sold at asking, and 55% were sold over asking.
Days on Market for Falls Church, VA
How long does it take to sell a home in Falls Church, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 20 Days | -10.5% |
Summary: Homes in Falls Church had an average of 20 days on market in May 2024, down by 10.5% compared to last year.
Breakdown of Home Sale Times
72 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Falls Church are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 83 homes were sold in Falls Church; 87% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
