The housing market in Fairfax, VA is currently at an all-time high with low inventory levels. This is resulting in a seller’s market. In this article, we will examine the average days a house in Fairfax, VA takes to sell. You’ll also learn the average price of a Fairfax home, which may help you better determine whether your home will be a good fit for the Fairfax housing market.
Home prices in Fairfax are at an all-time high
While home sales in Fairfax County were down in June, prices continue to rise. The average number of days a home spends on the market is now 18 days, down from 21 days in June 2021. The fastest-selling homes are higher-priced, but homes of all price ranges are selling quickly. One of the biggest challenges in the housing market is that inventories remain low. Mortgage rates are increasing, which is adding to the difficulty of selling a home.
While home prices are increasing nationwide, Fairfax County is particularly expensive. While the national median home value is $184,700, Fairfax County’s median price is $550,000. Many of the jobs in the area are higher paying, and many prospective residents are willing to pay a premium for good schools and safe neighborhoods.
With high demand, home prices in Fairfax are at an all time high. There are hundreds of restaurants and cafes in the area. Fairfax is one of the fastest-growing metro areas, and median home prices have increased for eight consecutive months. Whether you’re looking for a new home or a condo, you’ll find a home for sale in Fairfax, VA.
The median home price in Fairfax is $635K, which is a 17.6% increase from a year ago. In September 2022, there were nearly 10,000 home sales in Fairfax, and over ten percent of them closed at or above asking price.
Lack of housing supply is creating a seller’s market
Fairfax County, Virginia, is experiencing a shortage of new homes for sale. The demand for housing is outpacing supply, and the market is likely to remain this way for the rest of the year. Although supply has increased over the past several years, it is still below the demand level. The number of homes available for sale will continue to decrease, with a 10-year low expected in 2022.
The lack of housing supply is also making the situation even worse for homebuyers. According to Bright MLS, the number of active listings in the D.C. metro area is at its lowest level in history. This situation is similar to what is seen in neighboring counties such as Virginia Beach and Richmond.
Although new construction is available in several counties of Virginia, the cost is typically high. Fairfax County has a few parcels of land available for development, but new homes are generally expensive. Several areas in Loudoun County are trending toward walkable communities. As a result, buyers may find a limited supply of existing homes for sale in Northern Virginia this spring. However, more homes may become available later this year and next year.
In Northern Virginia, home sales are slowing, but they are still healthy and strong. Nela Richardson, chief economist at Redfin Washington, says the sluggish sales pace is related to limited supply.
Average days on market for a home in Fairfax
If you’re looking for a home in Fairfax, VA, you’ve probably wondered how long homes stay on the market in the Fairfax real estate market. Listed homes are on the market for an average of 33 days, down from 40 days in September and 30 days in October. That’s lower than the national average of 51 days. If you’re looking to sell a home in Fairfax, contact a Coldwell Banker real estate agent for more information.
In September, Fairfax homes were listed for a median of $630,000, an increase of 5% from last year. In addition to new listings, there are 714 listings for rent. Rentals range from $1K to $4.6K a month. These listings include recently sold homes, price reduced homes, open houses, and foreclosures. In addition, Fairfax also has several new home communities.
Fairfax is known for its competitive real estate market, so homes tend to sell quickly in this area. As a result, homes in Fairfax tend to sell for more than their asking price. This makes it an ideal place to buy or sell a home. Just keep in mind that median home prices in the Fairfax area are higher than the national average.
Fairfax is among the most expensive places in the Washington area, and a solid monthly income is required to afford a home. A family of two adults and two children should earn around $110,000 per year to afford a home in Fairfax.