The average sales price of single-family homes across Fairfax County bumped up 9 percent year-over-year to stand at more than $1 million in November, while the other two segments of the market posted declines, according to new data.
On the sales front, the 734 transactions recorded for the month represented a decline of 13.7 percent from 850 a year ago, as home-buyers continue to face affordability and availability challenges.
Monthly figures were reported Dec. 11 by MarketStats by ShowingTime based on listing activity from Bright MLS.
The same lack of inventory that is causing buyers (and their agents) heartburn also is helping to keep prices up, at least in the single-family segment of the market, where the average price in November across Fairfax County was $1,075,263.
But prices were down in other segments:
• The average sales price of attached homes (townhouses, rowhouses and condominiums) dipped 0.5 percent to $492,932.
• The average sales price of condominiums alone dropped 11.1 percent to $371,178.
The overall average sales price of $774,548 was up 6.5 percent, in part due to the slightly larger preponderance of single-family homes in the overall mix (48% this November compared to 47% in November 2022).
A total of 129 properties changed hands for more than $1 million, including 13 for at least $2.5 million and two for more than $5 million.
Add up the sales and prices, and total market volume stood at $572.1 million, down 7.8 percent from a year before.
For the month, conventional mortgages represented the method of transacting sales in 458 cases, followed cash (157) and VA-backed loans (79).
Inventory remains challenging, with the 911 active listings at the end of November representing a decline of 26 percent from a year before. And homeowners aren’t budging – the number of homes coming onto the Fairfax market in November was down a third from a year ago.
As a result, home sales are expected to remain down over the coming winter months.
Figures represent most, but not all, homes on the market. All November 2023 figures are preliminary and are subject to revision.
Lack of Supply Keeping Fairfax Home Demand Low: Home demand across the GazetteLeader coverage area of Fairfax County remains sluggish, as many prospective purchasers have put off the chase until 2024.
Typical seasonal cooling combined with high purchase costs and a lack of inventory are challenging buyers across Northern Virginia, according to the monthly T3 Home-Demand Index, which looks at buyer interest all the way down to the ZIP code level.
The most recent report was issued Dec. 11 by Bright MLS. The open-ended scorecard gauges buyer-interest conditions as High with any total above 130; Moderate from 110-129; Steady from 90-109; and Slow from 70-89. Any score less than 70 suggests the market of available homes is limited.
For the month, Fairfax scored 53 on the ranking, in the middle of the regional pack.
In the GazetteLeader’s coverage area, scores were uniformly below that figure, largely owing to the preponderance of upscale single-family housing in these communities.
The local pack was led by Vienna’s 22181 with a score of 50, followed by neighboring 22180 (46). McLean’s 22102 came in at 45, with the 22027 ZIP of Dunn Loring recording 38.
Oakton’s 22124 scored 35, Vienna’s 22182 32, McLean’s 22101 30 and Great Falls’s 22066 17.
Across the region, Arlington led all comers with a tally of 98. Alexandria, which in mid-summer had briefly risen above Arlington to lead the field, was second in the new report at 74. Prince George’s County was third at 65.
Also on the list, Falls Church came in at 61, the District of Columbia at 57, Montgomery County at 50, Loudoun County at 49, the city of Fairfax at 47 and Frederick County at 40.
“While demand for entry-level single-family homes rose slightly in November, buyer interest in all other types of homes across the Washington metro area decreased,” said Lisa Sturtevant, chief economist of Bright MLS.
For the year, demand peaked in October then fell through September, when it bottomed out before rebounding slightly in October and November.
For full data all the way to the ZIP-code level across the region, see the Website at homedemandindex.com.
