Those buying homes across Fairfax County in September paid, on average, 5.5% more per square foot for their acquisitions than those who made a purchase a year earlier.
The average per-square-foot housing cost of $365 in September 2024 across Fairfax was up from $346 in September 2023, according to figures reported Thursday (Oct. 10) by Bright MLS, based on data from MarketStats by ShowingTime.
Though up year-over-year, Fairfax’s rate in September was slightly below the average per-square-foot sales price of $367 recorded in the county over the first nine months of the year. For the same January-through-September period in 2023, the average per-square-foot cost was $346.
As is typically the case, Fairfax placed in the middle of the pack among surrounding Northern Virginia jurisdictions in housing costs:
- In Arlington, the average per-square-foot sales price of $521 was up 10.4% from $472, ever so slightly surpassing D.C. ($520) for the regional lead.
- Falls Church ($466, up 26%) and Alexandria ($440, down 6.6%) were more costly than Fairfax, while Loudoun ($296, up 3.1%) and Prince William ($247, up 2.1%) counties ranked behind.
Across the 87 counties and independent cities in the Mid-Atlantic tracked by Bright MLS, the average per-square-foot sales price for September was $245, up 2.5% from $239 a year before.
Buyer enthusiasm, which in the local area typically wanes as summer gives way to autumn, has seen a second wind in recent weeks.
“There are many prospective homebuyers who have been waiting for mortgage rates to fall,” said Lisa Sturtevant, chief economist for Bright MLS. “The recent drop in rates has motivated both home buyers and home sellers to get into the market, which means that it will likely be a very busy fourth quarter.”
Buyers also have increasing amounts of inventory to consider. The number of active listings at the end of September across the Washington region was up by about 19% year-over-year, Sturtevant said.
In September, the Fairfax homes market recorded 920 transactions, up about 11% from a year before. Average sales prices were up in all three segments of the market:
- The average sales price of single-family homes rose 17.2% year-over-year to $1,163,561.
- The sales price of attached homes (townhouses, rowhouses and condominiums) rose 11.8% to $557,313.
- The sales price in the condominium-only segment was up 9.5% to $416,499.
Total sales volume for the month across Fairfax County was $788.9 million, up 31.2% from a year before.
Figures represent most, but not all, homes on the market. All September 2024 figures are preliminary and are subject to revision.
Photo by Maria Ziegler on Unsplash
