Is Fairfax County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fairfax County is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Fairfax County has remained a Seller's Market.

Key Takeaway

Fairfax County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$44,744(+6.9%)

Key Takeaway

Homes in Fairfax County have sold for 6.9% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $256.4K$274.1K
+6.9%
2 $374.7K$389K
+3.8%
3 $575.8K$618.3K
+7.4%
4 $784.6K$845.9K
+7.8%
5+ $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
+7.6%
Fairfax County
+6.9%
Prince William County
+6.2%
Prince George's County
+6.2%
Montgomery County
+5.1%

Housing Supply in Fairfax County, VA

How many homes are available in Fairfax County, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3,0093,570+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

# BEDSApr 2024May 2024CHANGE
1 197222
+12.7%
2 445530
+19.1%
3 783940
+20.1%
4 777938
+20.7%
5+ 807940
+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 2024May 2024CHANGE
980878-10.4%

Asking Price vs. Sold Price

135 Homes Were Sold
Under Asking

160 Homes Were Sold
At Asking

583 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fairfax County, you could pay more than the asking price. 66.4% of homes here sold above asking price last month.

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 2023May 2024CHANGE
12 Days12 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in Fairfax County are selling fast, if you're buying plan to act quickly.

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Fairfax County, VA

Nearby Markets to Fairfax County, VA

What housing markets are near Fairfax County, VA?