$5,403 Closing Credit*
$455,000
1,354 SqFt
2 Beds
•2 Full Baths
Arlene S Fernandez, Listing Office: Redfin Corporation
Is Fairfax, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$771,748
$346/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$67,770(+9.6%)
Key Takeaway
Homes in Fairfax have sold for 9.6% more than they did a year ago.
Summary: The median home sold price in Fairfax was $771,748 in November 2024, up 9.6% from last year, and the median price per square foot was $346.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | $285K | 0.0% |
| 2 Bedrooms | $410K | $432K | +5.4% |
| 3 Bedrooms | $654.7K | $699.9K | +6.9% |
| 4 Bedrooms | $800K | $865K | +8.1% |
| 5+ Bedrooms | $1.0M | $1.1M | +8.7% |
Summary: Fairfax housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.4%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 8.7%.
Median Sold Price Compared To Nearby Cities
| Fairfax | $703.9K | $771.7K | +9.6% |
| Braddock | $689.2K | $755K | +9.5% |
| Sully | $650.3K | $699.5K | +7.6% |
| Providence | $633K | $662.4K | +4.6% |
Housing Supply in Fairfax, VA
How many homes are available in Fairfax, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 346 | 321 | -7.2% |
Summary: The Fairfax real estate market had 321 homes for sale in November 2024, a 7.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 19 | 21 | +10.5% |
| 2 Bedrooms | 57 | 50 | -12.3% |
| 3 Bedrooms | 112 | 107 | -4.5% |
| 4 Bedrooms | 101 | 91 | -9.9% |
| 5+ Bedrooms | 57 | 52 | -8.8% |
Summary: The Fairfax housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes decreased by 12.3%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes decreased by 9.9%, and 5+ bedroom homes decreased by 8.8%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 135 | 103 | -23.7% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax, you could pay more than the asking price. 44.7% of homes here sold above asking price last month.
Summary: A total of 103 homes were sold or pending in Fairfax in November 2024, down by 23.7% month-over-month. Of the 103 sold homes, 29% were sold under asking, 26% were sold at asking, and 45% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 14 Days | 17 Days | +26.2% |
Summary: Homes in Fairfax had an average of 17 days on market in Nov 2024, up by 26.2% compared to last year.
Breakdown of Home Sale Times
83 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Fairfax are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 103 homes were sold in Fairfax; 81% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
