It may not be an indication that a bubble is about to pop, but for the first time in six months, the average sales price of single-family homes across Fairfax County fell below $1 million in September.
The dropoff between August and September was 11 percent, with the average sales price of the 385 single-family homes going to closing last month standing at $993,138. In August, the average had been an all-time high of $1,122,304.
Figures are based on data reported by MarketStats by ShowingTime based on listing activity from Bright MLS, as analyzed by the GazetteLeader.
Month-over-month declines are typical as the summer market transitions to fall, although a lack of inventory is helping to prop up prices. The September 2023 average sales price was up 3 percent from a year before.
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:
• 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.
