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FairfaxReal EstateFairfax falls behind Philly in home-sales sweepstakes

Fairfax falls behind Philly in home-sales sweepstakes

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Looks like it’s not going to even be much of a competition this year.

In both 2020 and 2021, Philadelphia and Fairfax County vied throughout the year for the crown of most real-estate sales in the Mid-Atlantic, based on data from based on data provided by MarketStats by ShowingTime based on listing activity from Bright MLS.

With one quarter of 2022 in the record books, it looks like the ironically named City of Brotherly Love will be no trouble coming out on top. Absent some other shock to the national system, that is.

Through March, Philadelphia had recorded 4,341 residential-real-estate transactions, up 4.1 percent from the same period a year before, while Fairfax County’s sales total of 3,198 was down 9.7 percent from a year ago.

Fairfax’s downturn is as much due to a lack of inventory as anything else; the market was red-hot from mid-2020 to late 2021, denuding it of available properties, and many sellers continue to sit on the sideliness. So Philadelphia’s lead is not necessarily and indication of its better performance, but simply that Fairfax is a victim of circumstance.

Traditionally, Philly has been No. 1 and Fairfax No. 2 in home sales across the Mid-Atlantic. But that changed in 2020, when COVID and its resulting economic lockdowns hit Pennsylvania harder than Virginia.

As a result, the year-end total for 2021 was 16,739 for Fairfax, 16,317 for Philadelphia. Not a blowout, but a victory.

In 2021, however, Philadelphia’s rebound was in full swing. As a result, sales were 19,407 for Fairfax County but 19,904 the Philadelphia.

Despite the current 1,143-transaction lead held by Philadelphia, there are still nine months’ worth of data to be collected. And if the past two years have taught us anything, it’s that strange things indeed can happen.

Figures represent most, but not all, homes on the market. Current figures are preliminary, and are subject to revision.

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