$5,094 Closing Credit*
$429,000
1,230 SqFt
2 Beds
•2 Full Baths
Deborah L Robinson, Listing Office: Samson Properties
Is Fair Lakes, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Fair Lakes has remained a Seller's Market.
Key Takeaway
Fair Lakes is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fair Lakes, VA
How much do homes in Fair Lakes, VA cost?
Median Sold Price
$812,500
$324/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$220,000(+37.1%)
Key Takeaway
Homes in Fair Lakes have sold for 37.1% more than they did a year ago.
Summary: The median home sold price in Fair Lakes was $812,500 in October 2024, up 37.1% from last year, and the median price per square foot was $324.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $295K | $280.5K | -4.9% |
| 2 Bedrooms | $400K | $427.5K | +6.9% |
| 3 Bedrooms | $625K | $697.2K | +11.6% |
| 4 Bedrooms | $880K | $930K | +5.7% |
| 5+ Bedrooms | $1.1M | $1.3M | +14.3% |
Summary: Fair Lakes housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.9%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 14.3%.
Housing Supply in Fair Lakes, VA
How many homes are available in Fair Lakes, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 29 | 34 | +17.2% |
Summary: The Fair Lakes real estate market had 34 homes for sale in October 2024, a 17.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 3 | +200.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 7 | 6 | -14.3% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 11 | 12 | +9.1% |
Summary: The Fair Lakes housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 9.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 14 | +366.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fair Lakes, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Fair Lakes in October 2024, up by 366.7% month-over-month. Of the 14 sold homes, 36% were sold under asking, 21% were sold at asking, and 43% were sold over asking.
Days on Market for Fair Lakes, VA
How long does it take to sell a home in Fair Lakes, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 14 Days | 35 Days | +151.0% |
Summary: Homes in Fair Lakes had an average of 35 days on market in Oct 2024, up by 151% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Fair Lakes are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 14 homes were sold in Fair Lakes; 57% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
