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Fairfax home sales back above $1M mark in April

Average sales price of single-family home stood at $1,053,142
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Though down from March, Fairfax County’s average sales price for single-family homes was over the $1 million mark for the second month in a row and the third time since the market peak of last summer.

The average sales price of a single-family home across Fairfax County in April was $1,053,142, up slightly from a year before, according to figures reported by MarketStats by ShowingTime based on listing activity from Bright MLS.

Not that long ago – say, 2020 – the mere thought of an average $1 million home-sales price across Fairfax would have left mouths agape. But in October 2021, the county market recorded its first million-dollar month, with eight of the subsequent nine months joining it.

The peak of the Fairfax market was hit in March 2022 at more than $1.1 million, as sellers grabbed anything they could in an effort to beat spiking interest rates.

That the average price dropped below $1 million starting the end of summer 2022 was not really a surprise, as both sales and average prices tend to trail off in autumn and winter. In December 2022, however, the market again briefly catapulted into the seven-figure club.

The full rundown of average single-family sales prices for Fairfax, based on Bright MLS data as analyzed by the GazetteLeader:

• April 2023: $1,053,142.

• 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 challenge for buyers continues to be a lack of inventory, as many who purchased homes during the rock-bottom-interest-rate environment have no incentive to give them up.

Figures represent most, but not all, sales during the period. All April 2023 figures are preliminary and are subject to revision.