The Long & Foster Market Minute

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

Units Sold
2,321
Active Inventory
1,677
Median Sale Price
$650,000
Days On Market
12
Up
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -37%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 2,321 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 higher by 51 units or 3%. The total number of active inventory this June was 1,677 compared to 1,626 in June 2020. This month's total of 1,677 is higher than the previous month's total supply of available inventory of 1,513, an increase of 11%.

Median Sale Price
Last June, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $590,000. This June, the median sale price was $650,000, an increase of 10% or $60,000 compared to last year. The current median sold price is 1% lower than in May.

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


New Listings
2,665
Current Contracts
2,078
Sold Vs. List Price
103.0%
Months of Supply
0.7
Up 36%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 3.2%
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In June, there was 0.7 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 1.0 in June 2020. That is a decrease of 29% 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 2,665 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 1,964 in June 2020, an increase of 36%. There were 2,078 current contracts pending sale this June compared to 1,803 a year ago. The number of current contracts is 15% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Fairfax County, Fairfax City, and Falls Church was 103.0% of the average list price, which is 3.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 12, lower than the average last year, which was 19, a decrease of 37%.

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.