Fairfax County’s real-estate market shows signs that cooling may be in the offing, but the average single-family-home price remains within shooting distance of the $1 million mark, according to new data.
A total of 1,719 properties went to closing in August, up 3 percent from a year ago (when the market was roaring back from a springtime COVID shutdown) and up 18 percent from August 2019, according to figures reported Sept. 13 by MarketStats by ShowingTime, based on listing data from Bright MLS.
That increase was accompanied by hikes in the average sales price of all three legs of the local market:
• The average sales price of single-family homes rose 8.4 percent from a year before to $948,124.
• The average sales price of attached homes (townhouses, rowhouses and condominiums) was up 5.5 percent to $464,275.
• The average sales price of condominiums alone was up 5.7 percent to $351,195.
A total of 241 properties went to closing for more than $1 million, including 15 for more than $2.5 million and two for more than $5 million.
Add up the sales and prices, and total market volume for the month was $1.19 billion, up from $1.08 billion in August 2020 and well above the $874 million in sales volume of August 2019.
While market conditions have been cooling in parts of the D.C. region, data for August suggest the Fairfax market is best described as tepid – neither hot nor cold.
For homes that went to closing during the month, it took an average of 17 days between listing and ratified contract, up just a day from a year before. Homes that went to closing garnered 100.1 percent of original listing price, down from 100.3 percent a year before but still very healthy.
On the other hand, inventory was rising; there were 1,798 properties available at the end of August, an increase of 25 percent from a year before even though the number of new listings coming to market was down slightly. Pending sales (those in the pipeline but not yet consummated) suggest a slower autumn, as is generally the seasonal norm in the local area.
Figures represent most, but not all, sales during the period. Figures for August 2021 are preliminary and are subject to revision.