Is Fairfax County, 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 County has remained a Seller's Market.
Housing Prices in Fairfax County, VA
How much do homes in Fairfax County, VA cost?
Median Sold Price
$696,026
$338/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Fairfax County was $696,026 in May 2024, up 6.9% from last year, and the median price per square foot was $338.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $256.4K | $274.1K | +6.9% |
2 Bedrooms | $374.7K | $389K | +3.8% |
3 Bedrooms | $575.8K | $618.3K | +7.4% |
4 Bedrooms | $784.6K | $845.9K | +7.8% |
5+ Bedrooms | $1.1M | $1.2M | +4.5% |
Summary: Fairfax County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Counties
Arlington County | $698.8K | $751.9K | +7.6% |
Fairfax County | $651.2K | $696K | +6.9% |
Prince William County | $503.6K | $535K | +6.2% |
Prince George's County | $400K | $424.7K | +6.2% |
Montgomery County | $564.1K | $592.7K | +5.1% |
Housing Supply in Fairfax County, VA
How many homes are available in Fairfax County, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
3,009 | 3,570 | +18.6% |
Summary: The Fairfax County real estate market had 3,570 homes for sale in May 2024, a 18.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 197 | 222 | +12.7% |
2 Bedrooms | 445 | 530 | +19.1% |
3 Bedrooms | 783 | 940 | +20.1% |
4 Bedrooms | 777 | 938 | +20.7% |
5+ Bedrooms | 807 | 940 | +16.5% |
Summary: The Fairfax County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.7%, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 20.1%, 4 bedroom homes increased by 20.7%, and 5+ bedroom homes increased by 16.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
980 | 878 | -10.4% |
Asking Price vs. Sold Price
135 Homes Were Sold
Under Asking
160 Homes Were Sold
At Asking
583 Homes Were Sold
Over Asking
Summary: A total of 878 homes were sold or pending in Fairfax County in May 2024, down by 10.4% month-over-month. Of the 878 sold homes, 15% were sold under asking, 18% were sold at asking, and 66% were sold over asking.
Days on Market for Fairfax County, VA
How long does it take to sell a home in Fairfax County, VA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
12 Days | 12 Days | -0.6% |
Summary: Homes in Fairfax County had an average of 12 days on market in May 2024, down by 0.6% compared to last year.
Breakdown of Home Sale Times
813 Homes Were Sold
Under 30 Days
48 Homes Were Sold
In 30 - 90 Days
17 Homes Were Sold
Over 90 Days
Summary: During May 2024, 878 homes were sold in Fairfax County; 93% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.