$2,969 Closing Credit*
$250,000
1,253 SqFt
3 Beds
•2 Full Baths, 1 Partial
Tamara Johnson, Listing Office: United Real Estate Richmond
Is Fairfield, 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, Fairfield has remained a Seller's Market.
Key Takeaway
Fairfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Fairfield, VA
How much do homes in Fairfield, VA cost?
Median Sold Price
$341,208
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$13,491(+4.1%)
Key Takeaway
Homes in Fairfield have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Fairfield was $341,208 in October 2024, up 4.1% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $180.2K | +9.2% |
| 2 Bedrooms | $210K | $235K | +11.9% |
| 3 Bedrooms | $316.7K | $330K | +4.2% |
| 4 Bedrooms | $390K | $395K | +1.3% |
| 5+ Bedrooms | $440K | $594.7K | +35.2% |
Summary: Fairfield housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.2%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 35.2%.
Median Sold Price Compared To Nearby Cities
| Henrico | $360.1K | $398.7K | +10.7% |
| Brookland | $350.1K | $386.2K | +10.3% |
| Mechanicsville | $414.7K | $450.2K | +8.6% |
| Chickahominy | $477.2K | $500K | +4.8% |
| Fairfield | $327.7K | $341.2K | +4.1% |
Housing Supply in Fairfield, VA
How many homes are available in Fairfield, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 259 | 301 | +16.2% |
Summary: The Fairfield real estate market had 301 homes for sale in October 2024, a 16.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 21 | 28 | +33.3% |
| 3 Bedrooms | 150 | 176 | +17.3% |
| 4 Bedrooms | 78 | 88 | +12.8% |
| 5+ Bedrooms | 10 | 8 | -20.0% |
Summary: The Fairfield housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 17.3%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 53 | 71 | +34.0% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fairfield, you could pay more than the asking price. 40.8% of homes here sold above asking price last month.
Summary: A total of 71 homes were sold or pending in Fairfield in October 2024, up by 34.0% month-over-month. Of the 71 sold homes, 31% were sold under asking, 28% were sold at asking, and 41% were sold over asking.
Days on Market for Fairfield, VA
How long does it take to sell a home in Fairfield, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 19 Days | -8.6% |
Summary: Homes in Fairfield had an average of 19 days on market in Oct 2024, down by 8.6% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Fairfield are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 71 homes were sold in Fairfield; 83% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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