The Long & Foster Market Minute

FOCUS ON: FAIRFAX COUNTY, FAIRFAX CITY, AND FALLS CHURCH HOUSING MARKET APRIL 2024

Units Sold
1,201
Active Inventory
1,131
Median Sale Price
$750,000
Days On Market
14
Up 13%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 1,201 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 213 units or 16%. The total number of active inventory this April was 1,131 compared to 1,344 in April 2023. This month's total of 1,131 is lower than the previous month's total supply of available inventory of 1,326, a decrease of 15%.

Median Sale Price
Last April, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $700,000. This April, the median sale price was approximately the same at $750,000. The current median sold price is 7% higher than in April 2023.

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


New Listings
1,408
Current Contracts
1,424
Sold Vs. List Price
102.8%
Months of Supply
0.9
No Change
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -25%
Vs. Year Ago

Months of Supply
In April, there was 0.9 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 1.3 in April 2023. That is a decrease of 25% 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 1,408 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church, which is similar to the amount in April 2023. There were 1,424 current contracts pending sale this April compared to 1,294 a year ago. The number of current contracts is 10% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Fairfax County, Fairfax City, and Falls Church was 102.8% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 14, lower than the average last year, which was 16, a decrease of 13%.

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.