So much for any indications that a price bubble is about to pop in the Fairfax County real-estate market.
After falling below $1 million in September for the first time since last winter, the average sales price of single-family homes across the county was back in seven-digit territory in October.
That’s according to new data reported by MarketStats by ShowingTime based on listing activity from Bright MLS, as analyzed by the GazetteLeader.
The average sales price in the single-family sector for October was $1,051,020, up 6 percent from a year ago and the seventh time in the past eight months that the average figure has been above $1 million.
The all-time record had been set in August at $1,122,304, then declined 11 percent in September to $993,138. Such price declines are not unusual as the summer market turns to fall, so the September-to-October turnaround (prices rising 5.8%) does seem to signal ongoing strength in the local market.
That strength is buoyed not so much by huge swarms of buyers on the market, but by limited inventory – with active listings down about 30 percent from a year ago.
Sales of single-family homes were up from September to October, albeit by a small amount, rising from 385 to 388. Year-over-year, sales of single-family homes dropped 14.7 percent.
The Fairfax County market first surpassed the $1 million average in October 2021, then after a decline below it that November stayed in the seven-figure club for eight consecutive months. In August 2022, however, the market dropped below the million-dollar average for six of the ensuing seven months before again surpassing it for a six-month run beginning in March 2023.
The rundown, rounded to the nearest thousand dollars:
• October 2023: $1,051,000.
• September 2023: $993,000.
• August 2023: $1,122,000.
• July 2023: $1,082,000.
• June 2023: $1,096,000.
• May 2023: $1,034,000.
• April 2023: $1,119,000.
• March 2023: $1,077,000.
• February 2023: $979,000.
• January 2023: $977,000.
• December 2022: $1,009,000.
• 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.
