Fairfax County, Fairfax City, and Falls Church Housing Market Data

There was an increase in total units sold in August, with 1,150 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 1,098 last month, an increase of 5%. This month's total units sold was lower than at this time last year, a decrease of 14% versus August 2022.

Versus last year, the total number of homes available this month is lower by 603 units or 35%. The total number of active inventory this August was 1,121 compared to 1,724 in August 2022. This month's total of 1,121 is lower than the previous month's total supply of available inventory of 1,235, a decrease of 9%.

Last August, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $635,000. This August, the median sale price was $716,375, an increase of 13% or $81,375 compared to last year. The current median sold price is 1% higher than in July.

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

In August, there was 1.0 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 1.3 in August 2022. That is a decrease of 24% 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.

This month there were 1,092 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 1,362 in August 2022, a decrease of 20%. There were 973 current contracts pending sale this August compared to 1,143 a year ago. The number of current contracts is 15% lower than last August.

In August, the average sale price in Fairfax County, Fairfax City, and Falls Church was 100.5% of the average list price, which is 0.8% higher than at this time last year.

This month, the average number of days on market was 17, lower than the average last year, which was 18, a decrease of 6%.





Focus On: Fairfax County, Fairfax City, and Falls Church Housing Market			August 2023

Units Sold 1,150	Active Inventory 1,121	Median Sale Price $716,375	Days On Market 17

Down -14% Vs. Year Ago	Down -35% Vs. Year Ago	Up 13% Vs. Year Ago	Down -6% Vs. Year Ago


		Units Sold There was an increase in total units sold in August, with 1,150 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 1,098 last month, an increase of 5%. This month's total units sold was lower than at this time last year, a decrease of 14% versus August 2022.
Active Inventory Versus last year, the total number of homes available this month is lower by 603 units or 35%. The total number of active inventory this August was 1,121 compared to 1,724 in August 2022. This month's total of 1,121 is lower than the previous month's total supply of available inventory of 1,235, a decrease of 9%.
		Median Sale Price Last August, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $635,000. This August, the median sale price was $716,375, an increase of 13% or $81,375 compared to last year. The current median sold price is 1% higher than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 1,092	Current Contracts 973	Sold Vs. List Price 100.5%	Months of Supply 1.0

Down -20% Vs. Year Ago	Down -15% Vs. Year Ago	Up 0.8% Vs. Year Ago	Down -25% Vs. Year Ago


		Months of Supply In August, there was 1.0 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 1.3 in August 2022. That is a decrease of 24% 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 1,092 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 1,362 in August 2022, a decrease of 20%. There were 973 current contracts pending sale this August compared to 1,143 a year ago. The number of current contracts is 15% lower than last August.
		Sale Price to List Price Ratio In August, the average sale price in Fairfax County, Fairfax City, and Falls Church was 100.5% of the average list price, which is 0.8% higher than at this time last year. Days on Market This month, the average number of days on market was 17, lower than the average last year, which was 18, a decrease of 6%.



	*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.
	Information 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.