Could March be the month that the average sales price for single-family homes in Fairfax County again surpasses the $1 million mark?
It certainly didn’t happen in February, where the average sales price stood at $979,043, according to figures reported by MarketStats by ShowingTime based on listing activity from Bright MLS.
That’s down 5 percent from a year before, and marks the sixth month out of the last seven when the average sales price was below the seven-figure threshold.
Not that long ago – say, 2020 – the mere thought of an average $1 million home-sales price across Fairfax would have left mouths agape locally (as it still does nationally, where the average single-family home price is less than half that amount). But in October 2021, the county market recorded its first million-dollar month, with eight of the subsequent nine months joining it.
The current peak of the Fairfax market was hit last March, 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 and for the most part has stayed there is 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:
• 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.
Across the rest of the region in February, the average sales price for single-family properties was $1,353,600 in Alexandria, $1,354,642 in Arlington, $952,955 in Loudoun County, $946,125 in Falls Church and $610,233 in Prince William County. Year-over-year, those prices were up in Arlington and Alexandria, down elsewhere.
Figures represent most, but not all, sales during the period. All February 2023 figures are preliminary and are subject to revision.
