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FairfaxReal EstateMore and more Fairfax homes selling for $1-million-plus

More and more Fairfax homes selling for $1-million-plus

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A dearth of inventory continues to hold back the Fairfax County real-estate market, but also is pushing prices higher – with the average single-family sales price last month again clocking it at more than $1 million.

A total of 1,523 properties went to closing in April countywide. That’s down 14.5 percent from the 1,781 properties that sold in April 2021.

Sales were down but prices were up, with both the average ($778,950) and median ($695,000) sales prices increasing by slightly more than 9 percent from a year before.

Figures were reported May 11 based on data provided by MarketStats by ShowingTime based on listing activity from Bright MLS.

Increases were relatively uniform in the three segments of the market:
• The average sales price of single-family homes rose 9.8 percent to $1,044,078.

• The average sales price of attached homes, such as townhouses, rose 8.8 percent to $515,905.

• The average sales price of condominiums rose 8.6 percent to $397,352.
A total of 392 properties went to closing for more than $1 million, including 22 for more than $2.5 million.

Add it all up and the month’s total sales volume of $1.12 billion was down 9.1 percent from a year before, owing to fewer sales.

Homes that went to closing in April spent an extremely brisk average of 10 days on the market, an improvement from the already blazing-hot 12 days of a year before, and garnered a whopping 105.3 percent of listing price, up from 102.6 percent and signifying that, despite increasing headwinds in the market, prospective buyers are still willing to bid aggressively.

The inventory crunch shows little sign of easing; the 1,052 properties on the market across Fairfax at the end of April represented a decline of 20 percent from a year before, and the 2,236 properties coming onto market during the month was down 16.4 percent.

There is a roughly three-week inventory of properties on the market, which remains deeply favoring sellers. For the market to be more balanced, there would be need to be a two- or three-month supply.

Conventional mortgages represented the method of transacting sales in 1,076 cases, followed by cash (213) and VA-backed loans (173).

Where is the market headed? Pending sales in April were down about 20 percent – for reasons ranging from inventory to affordability. Rising interest rates are having contradictory impacts: Knocking some people out of the market but encouraging others to get in before they head higher.

Figures represent most, but not all, homes on the market. April 2022 figures are preliminary, and are subject to revision.

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