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FOCUS ON: FAIRFAX COUNTY HOUSING MARKET |
SEPTEMBER 2024 |
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Units Sold
925 |
Active Inventory
1,364 |
Median Sale Price
$720,000 |
Days On Market
20 |
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Up 8%
Vs. Year Ago |
No Change
Vs. Year Ago |
Up 11%
Vs. Year Ago |
Up 25%
Vs. Year Ago |
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Units Sold
There was a decrease in total units sold in September, with 925 sold this month in Fairfax County Real Estate versus 1,039 last month, a decrease of 11%. This month's total units sold was higher than at this time last year, an increase of 8% versus September 2023.
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Active Inventory
The total number of homes available this month is 1,364 units, which is similar compared to a year ago. This month's total of 1,364 is lower than the previous month's total supply of available inventory of 1,567, a decrease of 13%.
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Median Sale Price
Last September, the median sale price for Fairfax County Homes was $650,000. This September, the median sale price was $720,000, an increase of 11% or $70,000 compared to last year. The current median sold price is 3% lower than in August.
Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.
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New Listings
1,007 |
Current Contracts
1,010 |
Sold Vs. List Price
100.2% |
Months of Supply
1.5 |
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Down -6%
Vs. Year Ago |
Up 19%
Vs. Year Ago |
No Change
Vs. Year Ago |
Down -8%
Vs. Year Ago |
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Months of Supply
In September, there was 1.5 months of supply available in Fairfax County, compared to 1.6 in September 2023. That is a decrease of 7% 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.
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New Listings & Current Contracts
This month there were 1,007 homes newly listed for sale in Fairfax County compared to 1,073 in September 2023, a decrease of 6%. There were 1,010 current contracts pending sale this September compared to 851 a year ago. The number of current contracts is 19% higher than last September.
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Sale Price to List Price Ratio
In September, the average sale price in Fairfax County was 100.2% 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 20, higher than the average last year, which was 16, an increase of 25%.
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*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. |