The Long & Foster Market Minute

Focus On: East Fairfax Housing Market March 2021

Zip Code(s): 22031
Units Sold
55
Active Inventory
57
Median Sale Price
$565,000
Days On Market
20
Up
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 54%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 55 sold this month in East Fairfax Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 4 units or 8%. The total number of active inventory this March was 57 compared to 53 in March 2020. This month's total of 57 is higher than the previous month's total supply of available inventory of 45, an increase of 27%.

Median Sale Price
Last March, the median sale price for East Fairfax Homes was $722,500. This March, the median sale price was $565,000, a decrease of 22% or $157,500 compared to last year. The current median sold price is 1% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
78
Current Contracts
60
Sold Vs. List Price
101.7%
Months of Supply
1.0
Up 81%
Vs. Year Ago
Up 107%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -33%
Vs. Year Ago

Months of Supply
In March, there was 1.0 months of supply available in East Fairfax, compared to 1.6 in March 2020. That is a decrease of 34% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 78 homes newly listed for sale in East Fairfax compared to 43 in March 2020, an increase of 81%. There were 60 current contracts pending sale this March compared to 29 a year ago. The number of current contracts is 107% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in East Fairfax was 101.7% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, higher than the average last year, which was 13, an increase of 54%.

The Long & Foster Market Minute East Fairfax are defined as properties listed in zip code/s 22031.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.