Though down for a month before, January’s average single-family home-sales price was solid enough to surmount the million-dollar mark for the fourth year in a row and the 10th time in 11 months.
The average sales price for January stood at $1,089,871, according to new data reported by MarketStats by ShowingTime based on listing activity from Bright MLS, as analyzed by the GazetteLeader.
January’s average price was down slightly from December, but was up 11.5 percent year-over-year.
The all-time record for average sales prices in Fairfax County had been set in August 2023 at $1,122,304, then declined 11 percent in September to $993,138. Since then, however, it has spent four months in seven figures.
The high prices are fueled, in part, by a lack of inventory that is causing buyers to either sit out the market or, if they dive in, open their checkbooks to pay high prices.
That strength is buoyed not so much by huge swarms of buyers on the market, but by active listings down significantly compared to historic norms.
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:
• January 2024: $1,090,000.
• December 2023: $1,096,000.
• November 2023: $1,075,000.
• 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.
