Is Fair Lakes, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fair Lakes is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Fair Lakes was a Seller's Market.

Key Takeaway

Fair Lakes is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Fair Lakes, VA

How much do homes in Fair Lakes, VA cost?

Median Sold Price

$764,752

$327/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$152,252(+24.9%)

Key Takeaway

Homes in Fair Lakes have sold for 24.9% more than they did a year ago.

Summary: The median home sold price in Fair Lakes was $764,752 in November 2024, up 24.9% from last year, and the median price per square foot was $327.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $300K$279.9K
-6.7%
2 $400K$430K
+7.5%
3 $629.9K$700K
+11.1%
4 $925K$922K
-0.3%
5+ $1.1M$1.3M
+10.2%

Summary: Fair Lakes housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes increased by 10.2%.

Housing Supply in Fair Lakes, VA

How many homes are available in Fair Lakes, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2922-24.1%

Summary: The Fair Lakes real estate market had 22 homes for sale in November 2024, a 24.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 32
-33.3%
2 86
-25.0%
3 66
0.0%
4 45
+25.0%
5+ 83
-62.5%

Summary: The Fair Lakes housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 25%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 62.5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
153-80.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fair Lakes, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in Fair Lakes in November 2024, down by 80.0% month-over-month. Of the 3 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% 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

Nov 2023Nov 2024CHANGE
11 Days25 Days+122.2%

Summary: Homes in Fair Lakes had an average of 25 days on market in Nov 2024, up by 122.2% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 3 homes were sold in Fair Lakes; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 21 Days Ago

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