The Long & Foster Market Minute

Focus On: Falls Church, Baileys Crossroads, and Seven Corners Housing Market March 2021

Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
129
Active Inventory
99
Median Sale Price
$615,024
Days On Market
19
Down -2%
Vs. Year Ago
Down -24%
Vs. Year Ago
Down -4%
Vs. Year Ago
Up 27%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 129 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 109 last month, an increase of 18%. This month's total units sold was lower than at this time last year, a decrease of 2% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 31 units or 24%. The total number of active inventory this March was 99 compared to 130 in March 2020. This month's total of 99 is lower than the previous month's total supply of available inventory of 124, a decrease of 20%.

Median Sale Price
Last March, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $640,000. This March, the median sale price was $615,024, a decrease of 4% or $24,976 compared to last year. The current median sold price is 12% 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
189
Current Contracts
178
Sold Vs. List Price
103.3%
Months of Supply
0.8
Up 4%
Vs. Year Ago
Up 32%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -22%
Vs. Year Ago

Months of Supply
In March, there was 0.8 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners, compared to 1.0 in March 2020. That is a decrease of 23% 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 189 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners compared to 181 in March 2020, an increase of 4%. There were 178 current contracts pending sale this March compared to 135 a year ago. The number of current contracts is 32% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 103.3% of the average list price, which is 2.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, higher than the average last year, which was 15, an increase of 27%.

The Long & Foster Market Minute Falls Church, Baileys Crossroads, and Seven Corners are defined as properties listed in zip code/s 22043, 22044, 22041, 22042 and 22046.
*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.