Homebuyers across Fairfax County paid, on average, 7.8% more per square foot in October than they did a year before.
Fairfax’s average per-square-foot price of $374, up from $347 in October 2023, was in the middle of the Northern Virginia pack, but the year-over-year increase was on the high side across the D.C. region and broader Mid-Atlantic corridor.
Monthly figures were reported by Bright MLS, the region’s multiple-listing service, based on figures from MarketStats by ShowingTime.
Across the region, D.C. recorded the highest per-square-foot cost in October at $533. But it also was among the few localities in the Mid-Atlantic to post a year-over-year decrease, seeing a drop from $541 in October 2023.
Falls Church had the second highest regional cost, at $499 per square foot, up from $446. Among other local communities:
- Arlington and Alexandria each had average per-square-foot costs of $496. Arlington’s was up from $490 a year before, Alexandria’s from $465.
- The average per-square-foot cost in Fairfax City ywas $314, up from $310, while in Loudoun County it was $303, up from $285, and Prince William County saw an increase from $238 to $255.
- In Maryland, the average per-square-foot cost of $324 in Montgomery County was up from $302 a year before, and in Prince George’s County, the average cost of $252 was up from $246.
- Across the 87 counties and cities that make up Bright MLS’s Mid-Atlantic corridor, October’s average per-square-foot cost of $251 was up 5.5% from $238 a year before.
For October, Fairfax County saw buyers close on a total of 963 residential properties, a 12.6% increase from 855 properties a year before. The average sales price was $856,952, up 13.4%, with double-digit increases in all three segments of the market — single-family, attached and condominiums.
A total of 201 properties sold for more than $1 million, including 20 that went for over $2.5 million and three over $5 million.
Homes across Fairfax that closed sales in October garnered 99.8% of original sales price. Sales volume for the month totaled $826 million, which was up 28% from October 2023.
The local market seems to have some wind in its sails as the year comes to a close. Total pending sales at the end of October stood at 975, up 15.3% from a year before and suggesting 2024 will close out strong.
Figures represent most, but not all, homes on the market. All October 2024 figures are preliminary and are subject to revision.
Photo via Francesa Tosolini/Unsplash
