FAIRFAX HOUSING MARKET DATA

There was a decrease in total units sold in August, with 158 sold this month in Fairfax Real Estate versus 168 last month, a decrease of 6%. This month's total units sold was higher than at this time last year, an increase of 4% versus August 2023.

Versus last year, the total number of homes available this month is higher by 3 units or 2%. The total number of active inventory this August was 146 compared to 143 in August 2023. This month's total of 146 is lower than the previous month's total supply of available inventory of 180, a decrease of 19%.

Last August, the median sale price for Fairfax Homes was $708,850. This August, the median sale price was $802,500, an increase of 13% or $93,650 compared to last year. The current median sold price is 3% 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 0.9 months of supply available in Fairfax. The amount of supply is similar compared to 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 131 homes newly listed for sale in Fairfax compared to 138 in August 2023, a decrease of 5%. There were 139 current contracts pending sale this August compared to 112 a year ago. The number of current contracts is 24% higher than last August.

In August, the average sale price in Fairfax was 101.0% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 15, higher than the average last year, which was 14, an increase of 7%.





FOCUS ON: FAIRFAX HOUSING MARKET			AUGUST 2024

Zip Code(s): 22033, 22032, 22031 and 22030
Units Sold 158	Active Inventory 146	Median Sale Price $802,500	Days On Market 15

Up 4% Vs. Year Ago	Up 2% Vs. Year Ago	Up 13% Vs. Year Ago	Up 7% Vs. Year Ago


		Units Sold There was a decrease in total units sold in August, with 158 sold this month in Fairfax Real Estate versus 168 last month, a decrease of 6%. This month's total units sold was higher than at this time last year, an increase of 4% versus August 2023.
Active Inventory Versus last year, the total number of homes available this month is higher by 3 units or 2%. The total number of active inventory this August was 146 compared to 143 in August 2023. This month's total of 146 is lower than the previous month's total supply of available inventory of 180, a decrease of 19%.
		Median Sale Price Last August, the median sale price for Fairfax Homes was $708,850. This August, the median sale price was $802,500, an increase of 13% or $93,650 compared to last year. The current median sold price is 3% 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 131	Current Contracts 139	Sold Vs. List Price 101.0%	Months of Supply 0.9

Down -5% Vs. Year Ago	Up 24% Vs. Year Ago	No Change Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In August, there was 0.9 months of supply available in Fairfax. The amount of supply is similar compared to 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 131 homes newly listed for sale in Fairfax compared to 138 in August 2023, a decrease of 5%. There were 139 current contracts pending sale this August compared to 112 a year ago. The number of current contracts is 24% higher than last August.
		Sale Price to List Price Ratio In August, the average sale price in Fairfax was 101.0% 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 15, higher than the average last year, which was 14, an increase of 7%.


	Fairfax are defined as properties listed in zip code/s 22033, 22032, 22031 and 22030.
	*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.