The Long & Foster Market Minute

Focus On: Fairfax County, Fairfax City, and Falls Church Housing Market March 2021

Units Sold
1,559
Active Inventory
997
Median Sale Price
$600,000
Days On Market
18
Up 9%
Vs. Year Ago
Down -46%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -14%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 1,559 sold this month in Fairfax County, Fairfax City, and Falls Church 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 lower by 848 units or 46%. The total number of active inventory this March was 997 compared to 1,845 in March 2020. This month's total of 997 is lower than the previous month's total supply of available inventory of 1,092, a decrease of 9%.

Median Sale Price
Last March, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $575,000. This March, the median sale price was $600,000, an increase of 4% or $25,000 compared to last year. The current median sold price is 7% 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
2,229
Current Contracts
2,073
Sold Vs. List Price
102.2%
Months of Supply
0.6
Up 2%
Vs. Year Ago
Up 31%
Vs. Year Ago
Up 1.7%
Vs. Year Ago
Down -50%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 1.3 in March 2020. That is a decrease of 51% 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 2,229 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 2,186 in March 2020, an increase of 2%. There were 2,073 current contracts pending sale this March compared to 1,580 a year ago. The number of current contracts is 31% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Fairfax County, Fairfax City, and Falls Church was 102.2% of the average list price, which is 1.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 18, lower than the average last year, which was 21, a decrease of 14%.

The Long & Foster Market Minute
*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.