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
Wed Oct 09 2024
This week the median list price for Fairfax, VA is $925,000 with the market action index hovering around 66. This is less than last month's market action index of 68. Inventory has increased to 70.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Market Narrative
The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
| Median List Price | $925,000 | |
| Median Price of New Listings | $875,000 | |
| Per Square Foot | $347 | |
| Average Days on Market | 35 | |
| Median Days on Market | 21 | |
| Price Decreased | 24% | |
| Price Increased | 3% | |
| Relisted | 9% | |
| Inventory | 70 | |
| Median Rent | ||
| Market Action | 66 | |
| Strong Seller's Market | ||
The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,699,000 | 5,200 | 0.5 - 1 acre | 5 | 4.5 | 20 | 1 | 2 | 42 |
| $1,065,000 | 3,073 | 0.25 - 0.5 acre | 5 | 3.5 | 55 | 5 | 7 | 7 |
| $882,000 | 2,578 | 0.25 - 0.5 acre | 4 | 3.3 | 49 | 4 | 4 | 21 |
| $750,000 | 1,900 | 0.25 - 0.5 acre | 4 | 2.3 | 56 | 7 | 4 | 17 |