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April home sales in Fairfax tiptoe up to $1 billion mark

Transactions were up 16.5 percent from same month a year before

Total home-sales volume in Fairfax County tiptoed ever so close to the billion-dollar mark in April, according to new data, fueled by a year-over-year uptick in both sales and average sales prices.

A total of 1,158 properties went to closing during the month, according to figures reported May 10 by Bright MLS based on data from MarketStats by ShowingTime.

That’s up 16.5 percent from 994 transactions in April 2023.

The average sales price rose 10.1 percent year-over-year to $888,181, fueled by a significant (14.7%) increase in the price of single-family homes, which rose to $1,207,801. Attached properties (up 4.5% to $548,333) and the condo-only sector (up 7.8% to $405,146) also were in positive territory.

Add it all up, and the total sales volume of $996,125,704 was less than couple of houses away from breaching the billion-dollar ceiling for the month. It was up 26.9 percent from $785,040,186 a year previously.

A total of 291 properties went to closing for more than $1 million, including 32 for more than $2.5 million and six for more than $5 million.

Home that went to closing spent a brisk 12 days between listing and ratified sales contract, a two-day improvement from a year before, and garnered 103 percent of listing price, up from 102 percent.

While buyer activity appears to be slowing, there is more inventory on the market. The 1,025 homes available countywide at the end of the month represented an uptick of 16.2 percent from a year before, while the number of listings coming onto the market for the month was up 22 percent – suggesting buyers are now more active than they have been all year.

Figures represent most, but not all, homes on the market. All April 2024 figures are preliminary and are subject to revision.