The Long & Foster Market Minute

Focus On: Falls Church City Housing Market January 2024

Units Sold
5
Active Inventory
15
Median Sale Price
$725,000
Days On Market
70
Down
Vs. Year Ago
Up 7%
Vs. Year Ago
Down
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 5 sold this month in Falls Church City Real Estate. This month's total units sold was lower than at this time last year, a decrease from January 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 1 units or 7%. The total number of active inventory this January was 15 compared to 14 in January 2023. This month's total of 15 is higher than the previous month's total supply of available inventory of 12, an increase of 25%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last January, the median sale price for Falls Church City Homes was $757,000. This January, the median sale price was $725,000, a decrease of $32,000 compared to last year. The current median sold price is lower than in December.

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


New Listings
13
Current Contracts
7
Sold Vs. List Price
98.3%
Months of Supply
3.0
Down -7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -1.6%
Vs. Year Ago
Up 29%
Vs. Year Ago

Months of Supply
In January, there was 3.0 months of supply available in Falls Church City, compared to 2.3 in January 2023. That is an increase of 29% 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 13 homes newly listed for sale in Falls Church City compared to 14 in January 2023, a decrease of 7%. There were 7 current contracts pending sale this January, consistent with the volume a year ago. The number of current contracts is 40% higher than last month.

Sale Price to List Price Ratio
In January, the average sale price in Falls Church City was 98.3% of the average list price, which is 1.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 70, higher than the average last year, which was 17. This increase was impacted by the limited number of sales.

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.