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Average Fairfax s/f home price stays above $1 million

Sales remain below 2022 figures as availability, affordability issues remain

The Fairfax County real-estate market stayed above the billion-dollar mark in June, according to new data, as the average sales price among single-family homes remained above $1 million.

A total of 1,312 properties went to closing during the month across the county, down about 18 percent from a year before, according to figures reported July 11 by MarketStats by ShowingTime based on listing activity from Bright MLS.

The decline was hardly breaking news: A combination of affordability and availability issues has been keeping sales down for much of the past year. But that same dearth of inventory (down a third from last year this time) also has helped to prop up prices.

The average sales price of all homes that sold across the county in June stood at $819,795,  up 3.4 percent from $792,686 if slightly inflated owing to a larger share of single-family properties in the overall mix.

Prices were up in all three segments of the market:

• The average sales price of single-family homes stood at $1,095,925, up 2.2 percent.

• The average price of attached homes – townhouses, rowhouses and condominiums – was up 2.7 percent to $511,599.

• The average price of condominiums alone was $390, 759, up 8.4 percent.

Add up the sales and prices, and the total sales volume for the month across Fairfax was $1,058,156,875, down 14.3 percent owing to lower total sales.

June’s average sales price in the single-family arena marks the fourth month in a row it has surmounted $1 million after spending six of the preceding seven months below it. The rundown:

• June 2023: $1,095,924.

• May 2023: $1,033,794.

• April 2023: $1,119,228.

• March 2023: $1,077,212.

• February 2023: $979,043.

• January 2023: $977,209.

• December 2022: $1,009,366.

• November 2022: $987,000.

• October 2022: $991,000.

• September 2022: $964,000.

• August 2022 $973,000.

• July 2022: $1,043,000.

• June 2022: $1,071,000.

• May 2022: $1,051,000.

• April 2022: $1,044,000.

• March 2022: $1,119,000.

• February 2022: $1,030,000.

• January 2022 : $1,062,000.

• December 2021: $1,001,000.

• November 2021: $937,000.

• October 2021: $1,034,000 (the first month the average Fairfax single-family price was above $1 million).

Homes that sold in June across all types spent an average of 11 days on the market, up slightly from 10 days a year ago but still quite brisk, and averaged 102 percent of listing price, unchanged from a year before. The upshot: Buyers are circling and willing to pay top dollar for available properties.

Conventional mortgages represented the method of transacting sales in 889 cases, followed by cash (220) and VA-backed loans (141).

The availability crunch is likely to continue through the summer – and perhaps as long as current homeowners are opting to sit on homes secured by mortgages with rock-bottom interest rates. The number of Fairfax County active listings at the end of June (1,057) was down 33.3 percent from a year before, and the number of new listings coming to market during the month was off a whopping 43.1 percent year-over-year.

The number of pending sales remains off by double digits from a year before, even though the Fairfax market had started to cool as summer 2022 approached. Total pending sales in the pipeline at the end of June stood at 1,094, down 26.1 percent from a year ago.

Figures represent most, but not all, homes on the market. All June 2023 figures are preliminary and are subject to revision.