HOMESbyRP of eXp Realty / Richard Pearrell
Fairfax, VA
Single-Family Homes
https://HOMESbyRP.com GRI, Associate Broker DC, MD, VA & REALTOR® in FL at eXp Realty, LLC / (301) 991-7061 /
Fairfax, VA
Thu May 16 2024
This week the median list price for Fairfax, VA is $1,124,500 with the market action index hovering around 64. This is an increase over last month's market action index of 62. Inventory has increased to 38.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks, the Market Action Index has resumed a climb. Despite the fact that we’re in a Seller’s market, prices have not yet resumed upward momentum. However, it is likely that given these conditions, prices will at least level off very soon. If the increasing trend continues, expect that prices could shift higher quickly.
Real-Time Market Profile
| Median List Price | $1,124,500 | |
| Median Price of New Listings | $1,087,500 | |
| Per Square Foot | $337 | |
| Average Days on Market | 69 | |
| Median Days on Market | 21 | |
| Price Decreased | 21% | |
| Price Increased | 8% | |
| Relisted | 5% | |
| Inventory | 38 | |
| Median Rent | ||
| Market Action | 64 | |
| Strong Seller's Market | ||
Again this week we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high levels. The Market Action Index is a good leading indicator for the durability of this trend.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,899,000 | 5,808 | 0.5 - 1 acre | 5 | 5.5 | 1 | 1 | 0 | 63 |
| $1,350,000 | 5,000 | 8,000 - 10,000 sqft | 5 | 4.5 | 58 | 2 | 2 | 28 |
| $975,000 | 3,177 | 0.25 - 0.5 acre | 4 | 3.5 | 49 | 5 | 1 | 3 |
| $799,444 | 2,079 | 0.25 - 0.5 acre | 4 | 2.8 | 61 | 2 | 4 | 17 |