Prospective home-buyers were out in force across Fairfax County last month. But will their interest translate into home sales?
A total of 20,620 home showings took place across Fairfax in October, according to new data from the multiple listing service Bright MLS.
While down slightly from 20,767 showings in September, the October total represents an increase of 21.5% from a year before. September’s year-over-year figure had increased as well, but just 4.3%.
Whether buyer interest translates into firm offers and consummated sales remains to be seen, as the heavy foot traffic may have been fueled by a drop in home-mortgage interest rates that did not stick around for long.
“Lower rates brought more buyers into the market this fall, but it was a short window,” said Lisa Sturtevant, chief economist for Bright MLS.
“Rates have been rising and likely will be volatile through the end of the year,” Sturtevant said on Nov. 11. “Some buyers and sellers may decide to wait until 2025, when there should be more rate stability.”
The October sales report for Fairfax County showed increases in other key components compared to a year before:
- Closed sales totaled 963, up 12.6% from a year ago
- The median sales price of $725,000 was up 9.8%
- The 960 pending sales represented an increase of 14.6%
- The 878 new listings increased 3.8%
- Total listings of 1,206 were up 15.7%
Across Bright MLS’s D.C. region coverage area, home sales for October totaled 4,207. That was up from a year ago and, more surprisingly, represented a jump from the 3,730 sales in September. Typically, market activity in the region cools as autumn begins, and doesn’t kick back into high gear until late winter.
The median sales price in the metro area was $600,000 in October, an increase of 0.2% from September and up 5.6% from a year before.
Figures represent most, but not all, homes on the market. All October 2024 figures are preliminary and are subject to revision.
Photo via Francesca Tosolini/Unsplash
