$10,000 Closing Credit*
$900,000
3,812 SqFt
3 Beds
•3 Full Baths, 1 Partial
Jennifer D Young, Listing Office: Keller Williams Chantilly Ventures
Is Fairfax, 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, 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
$771,852
$345/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$71,823(+10.3%)
Key Takeaway
Homes in Fairfax have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Fairfax was $771,852 in October 2024, up 10.3% from last year, and the median price per square foot was $345.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | $285K | 0.0% |
| 2 Bedrooms | $407.5K | $432.1K | +6.0% |
| 3 Bedrooms | $653.5K | $690.8K | +5.7% |
| 4 Bedrooms | $795K | $868.3K | +9.2% |
| 5+ Bedrooms | $1.0M | $1.1M | +12.4% |
Summary: Fairfax housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 12.4%.
Median Sold Price Compared To Nearby Cities
| Fairfax | $700K | $771.8K | +10.3% |
| Braddock | $690.2K | $750K | +8.7% |
| Sully | $649.5K | $697.7K | +7.4% |
| Providence | $631.7K | $664.9K | +5.3% |
Housing Supply in Fairfax, VA
How many homes are available in Fairfax, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 356 | 371 | +4.2% |
Summary: The Fairfax real estate market had 371 homes for sale in October 2024, a 4.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 20 | +42.9% |
| 2 Bedrooms | 57 | 60 | +5.3% |
| 3 Bedrooms | 110 | 120 | +9.1% |
| 4 Bedrooms | 114 | 108 | -5.3% |
| 5+ Bedrooms | 61 | 63 | +3.3% |
Summary: The Fairfax housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 42.9%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes increased by 3.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 123 | 129 | +4.9% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
33 Homes Were Sold
At Asking
57 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax, you could pay more than the asking price. 44.2% of homes here sold above asking price last month.
Summary: A total of 129 homes were sold or pending in Fairfax in October 2024, up by 4.9% month-over-month. Of the 129 sold homes, 30% were sold under asking, 26% were sold at asking, and 44% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 14 Days | 17 Days | +18.8% |
Summary: Homes in Fairfax had an average of 17 days on market in Oct 2024, up by 18.8% compared to last year.
Breakdown of Home Sale Times
109 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Fairfax are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 129 homes were sold in Fairfax; 84% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
