$7,113 Closing Credit*
$599,000
1,198 SqFt
2 Beds
•2 Full Baths
Deborah Mullan, Listing Office: Century 21 Redwood Realty
Is Fairfax City, 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 City has remained a Seller's Market.
Key Takeaway
Fairfax City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fairfax City, VA
How much do homes in Fairfax City, VA cost?
Median Sold Price
$750,000
$327/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$69,750(+10.3%)
Key Takeaway
Homes in Fairfax City have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Fairfax City was $750,000 in October 2024, up 10.3% from last year, and the median price per square foot was $327.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $221.5K | $231K | +4.3% |
| 2 Bedrooms | $280K | $356.5K | +27.3% |
| 3 Bedrooms | $710K | $750K | +5.6% |
| 4 Bedrooms | $748.5K | $830K | +10.9% |
| 5+ Bedrooms | $1.1M | $974.9K | -12.6% |
Summary: Fairfax City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 10.9%, and 5+ bedroom homes decreased by 12.6%.
Median Sold Price Compared To Nearby Neighborhoods
| Fairfax City | $680.2K | $750K | +10.3% |
| Fairfax City District | $680.1K | $750K | +10.3% |
Housing Supply in Fairfax City, VA
How many homes are available in Fairfax City, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 69 | 66 | -4.3% |
Summary: The Fairfax City real estate market had 66 homes for sale in October 2024, a 4.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 10 | 10 | 0.0% |
| 3 Bedrooms | 24 | 27 | +12.5% |
| 4 Bedrooms | 24 | 16 | -33.3% |
| 5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The Fairfax City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 12.5%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 25 | 22 | -12.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfax City, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Fairfax City in October 2024, down by 12.0% month-over-month. Of the 22 sold homes, 14% were sold under asking, 32% were sold at asking, and 55% were sold over asking.
Days on Market for Fairfax City, VA
How long does it take to sell a home in Fairfax City, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 14 Days | 20 Days | +44.8% |
Summary: Homes in Fairfax City had an average of 20 days on market in Oct 2024, up by 44.8% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Fairfax City are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 22 homes were sold in Fairfax City; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
