The Long & Foster Market Minute

Focus On: South Fairfax Housing Market March 2021

Zip Code(s): 22032
Units Sold
41
Active Inventory
9
Median Sale Price
$730,000
Days On Market
19
Up 32%
Vs. Year Ago
Down -72%
Vs. Year Ago
Up 15%
Vs. Year Ago
Down -5%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 41 sold this month in South 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 lower by 23 units or 72%. The total number of active inventory this March was 9 compared to 32 in March 2020. This month's total of 9 is lower than the previous month's total supply of available inventory of 10, a decrease of 10%.

Median Sale Price
Last March, the median sale price for South Fairfax Homes was $635,000. This March, the median sale price was $730,000, an increase of 15% or $95,000 compared to last year. The current median sold price is 4% 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
47
Current Contracts
45
Sold Vs. List Price
106.2%
Months of Supply
0.2
Down -20%
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -79%
Vs. Year Ago

Months of Supply
In March, there was 0.2 months of supply available in South Fairfax, compared to 1.0 in March 2020. That is a decrease of 79% 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 47 homes newly listed for sale in South Fairfax compared to 59 in March 2020, a decrease of 20%. There were 45 current contracts pending sale this March compared to 37 a year ago. The number of current contracts is 22% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in South Fairfax was 106.2% of the average list price, which is 4.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 20, a decrease of 5%.

The Long & Foster Market Minute South Fairfax are defined as properties listed in zip code/s 22032.
*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.