Is Great Falls, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Great Falls is a seller's market

Buyer's
Market

Difference Since December 2023

Since last year, Great Falls has remained a Seller's Market.

Key Takeaway

Great Falls is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Great Falls, VA

How much do homes in Great Falls, VA cost?

Median Sold Price

$1,675,000

$360/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$70,000(+4.4%)

Key Takeaway

Homes in Great Falls have sold for 4.4% more than they did a year ago.

Summary: The median home sold price in Great Falls was $1,675,000 in December 2024, up 4.4% from last year, and the median price per square foot was $360.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 --
N/A
2 $805K-
N/A
3 $1.2M$1.2M
+3.7%
4 $1.3M$1.4M
+5.9%
5+ $1.8M$1.9M
+9.0%

Summary: Great Falls housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 9%.

Housing Supply in Great Falls, VA

How many homes are available in Great Falls, VA?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
5445-16.7%

Summary: The Great Falls real estate market had 45 homes for sale in December 2024, a 16.7% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 00
0.0%
2 00
0.0%
3 64
-33.3%
4 810
+25.0%
5+ 4031
-22.5%

Summary: The Great Falls housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 22.5%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
1715-11.8%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer47%33%20%

Key Takeaway

If you're buying a home in Great Falls, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Great Falls in December 2024, down by 11.8% month-over-month. Of the 15 sold homes, 47% were sold under asking, 33% were sold at asking, and 20% were sold over asking.

Days on Market for Great Falls, VA

How long does it take to sell a home in Great Falls, VA?

Average Sale Time

Dec 2023Dec 2024CHANGE
38 Days72 Days+90.0%

Summary: Homes in Great Falls had an average of 72 days on market in Dec 2024, up by 90% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times53%27%20%

Key Takeaway

Avg time on Rocket Homes in Great Falls has remained consistent over time.

Summary: During December 2024, 15 homes were sold in Great Falls; 20% of homes were sold within 30 days, 53% of homes were sold within 30 to 90 days, and 27% 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 10 Days Ago

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