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.
