Is Fairfax, 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, 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
$730,299
$337/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Fairfax have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Fairfax was $730,299 in May 2024, up 7.9% from last year, and the median price per square foot was $337.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $270K | $290K | +7.4% |
| 2 Bedrooms | $412.5K | $430K | +4.2% |
| 3 Bedrooms | $631K | $675K | +7.0% |
| 4 Bedrooms | $765K | $830K | +8.5% |
| 5+ Bedrooms | $1.1M | $1.1M | -0.9% |
Summary: Fairfax housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.4%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes decreased by 0.9%.
Median Sold Price Compared To Nearby Cities
| Sully | $625.6K | $677.8K | +8.3% |
| Fairfax | $677.1K | $730.2K | +7.9% |
| Braddock | $675K | $721K | +6.8% |
| Providence | $617.1K | $636.4K | +3.1% |
Housing Supply in Fairfax, VA
How many homes are available in Fairfax, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 376 | 445 | +18.4% |
Summary: The Fairfax real estate market had 445 homes for sale in May 2024, a 18.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 17 | +6.3% |
| 2 Bedrooms | 47 | 61 | +29.8% |
| 3 Bedrooms | 109 | 134 | +22.9% |
| 4 Bedrooms | 124 | 124 | 0.0% |
| 5+ Bedrooms | 80 | 109 | +36.3% |
Summary: The Fairfax housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 29.8%, 3 bedroom homes increased by 22.9%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 36.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 136 | 132 | -2.9% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
28 Homes Were Sold
At Asking
92 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax, you could pay more than the asking price. 69.7% of homes here sold above asking price last month.
Summary: A total of 132 homes were sold or pending in Fairfax in May 2024, down by 2.9% month-over-month. Of the 132 sold homes, 9% were sold under asking, 21% were sold at asking, and 70% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 8 Days | -8.5% |
Summary: Homes in Fairfax had an average of 8 days on market in May 2024, down by 8.5% compared to last year.
Breakdown of Home Sale Times
124 Homes Were Sold
Under 30 Days
8 Homes Were 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 May 2024, 132 homes were sold in Fairfax; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
