The Long & Foster Market Minute

Focus On: Fairfax County Housing Market May 2020

Units Sold
1,230
Active Inventory
1,542
Median Sale Price
$575,000
Days On Market
16
Down -32%
Vs. Year Ago
Down -44%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 1,230 sold this month in Fairfax County Real Estate versus 1,281 last month, a decrease of 4%. This month's total units sold was lower than at this time last year, a decrease of 32% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,205 units or 44%. The total number of active inventory this May was 1,542 compared to 2,747 in May 2019. This month's total of 1,542 is lower than the previous month's total supply of available inventory of 1,745, a decrease of 12%.

Median Sale Price
Last May, the median sale price for Fairfax County Homes was $549,000. This May, the median sale price was $575,000, an increase of 5% or $26,000 compared to last year. The current median sold price is 2% lower than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
1,613
Current Contracts
1,472
Sold Vs. List Price
99.5%
Months of Supply
1.3
Down -38%
Vs. Year Ago
Down -20%
Vs. Year Ago
No Change
Vs. Year Ago
Down -18%
Vs. Year Ago

Months of Supply
In May, there was 1.3 months of supply available in Fairfax County, compared to 1.5 in May 2019. That is a decrease of 18% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 1,613 homes newly listed for sale in Fairfax County compared to 2,589 in May 2019, a decrease of 38%. There were 1,472 current contracts pending sale this May compared to 1,839 a year ago. The number of current contracts is 20% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Fairfax County was 99.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 16, lower than the average last year, which was 18, a decrease of 11%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.