The Long & Foster Market Minute

Focus On: Fairfax County, Fairfax City, and Falls Church Housing Market July 2019

Units Sold
2,095
Active Inventory
2,749
Median Sale Price
$543,000
Days On Market
30
Up 6%
Vs. Year Ago
Down -26%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 25%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 2,095 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 2,229 last month, a decrease of 6%. This month's total units sold was higher than at this time last year, an increase of 6% versus July 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 983 units or 26%. The total number of active inventory this July was 2,749 compared to 3,732 in July 2018. This month's total of 2,749 is lower than the previous month's total supply of available inventory of 3,286, a decrease of 16%.

Median Sale Price
Last July, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $535,000. This July, the median sale price was $543,000, an increase of 1% or $8,000 compared to last year. The current median sold price is 5% lower than in June.

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


New Listings
2,137
Current Contracts
1,902
Sold Vs. List Price
99.4%
Months of Supply
1.3
Down -6%
Vs. Year Ago
Up 13%
Vs. Year Ago
No Change
Vs. Year Ago
Down -30%
Vs. Year Ago

Months of Supply
In July, there was 1.3 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 1.9 in July 2018. That is a decrease of 30% 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 2,137 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 2,275 in July 2018, a decrease of 6%. There were 1,902 current contracts pending sale this July compared to 1,688 a year ago. The number of current contracts is 13% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Fairfax County, Fairfax City, and Falls Church was 99.4% 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 30, higher than the average last year, which was 24, an increase of 25%.

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.