Year-over-year home sales across Fairfax County were soft in August, according to new data, but prices kept moving higher.
A total of 1,024 properties went to closing during the month, down 6.9 percent from 1,100 in August 2023, according to figures reported Sept. 11 by Bright MLS, based on data reported by MarketStats by ShowingTime.
While sales were down, prices rose in two of the three segments of the market:
• The average single-family home traded hands for $1,149,815, up 2.5 percent.
• In the attached-home market (townhouses, rowhouses and condominiums), the average sales price of $561,248 was up 3.8 percent.
• In the condo-only segment, the average sales price of $421,736 was down 2.3 percent.
For the market as a whole, the average sales price of $858,120 was up 1.5 percent, held back slightly by the smaller percentage of single-family homes in the overall sales mix.
A total of 244 properties went to closing for more than $1 million, including 23 for more than $2.5 million. The total sales volume for the month of $873.1 million was down 5.6 percent from $925.1 million owing to the decline in sales.
Homes that went to closing in August spent an average 16 days on the market between listing and ratified sales contract, unchanged from a year before. They garnered 99.9 percent of listing price, down from 100.8 percent.
At the end of the month, there were 1,262 properties on the market, up nearly 29 percent from a year ago.
Where is the Fairfax market headed? The number of pending sales moving through the paperwork process in August was up, albeit slightly (3.2%) from a year before.
Figures represent most, but not all, homes on the market. All August 2024 figures are preliminary and are subject to revision.
