Sales were down overall, but average prices were up in all three market segments, as the Fairfax County real estate market moved through the summer under challenging economic conditions.
A total of 1,144 properties went to closing in July, according to new figures from the Bright MLS multiple-listing service. That’s down 5% from 1,220 transactions in July 2024.
However, average sales prices rose from a year ago:
- The average sales price of single-family homes increased 3.2% to $1,171,542
- The average sales price of attached properties — townhouses, rowhouses and condominiums — was up 3.1% to $570,504
- The average price in the condo-only category rose 1.4% to $427,027
The average sales price of all properties that sold countywide was $880,480, up 3.6% from $849,736 a year before. Total sales volume for the month stood at just under $1.013 billion, down 1.2% year-over-year.
Mid-summer typically represents the point at which Northern Virginia’s homes market begins to cool. The question for the autumn market may be whether prospective purchasers decide to try and find bargains, or simply stay in place.
“Buyers who remain in the market will have more leverage, though economic uncertainty will continue to keep some would-be buyers on the sidelines,” Bright MLS analysts said.
In July, the average sales price per square foot for Fairfax County properties was $369, up 0.8% from $366 a year before but down from the $374 rolling average for the first seven months of the year.
As is typical, Fairfax’s per-square-foot sales price was in the middle of the regional pack:
- Falls Church led Northern Virginia with a per-square-foot cost of $570 for the month, up 24.7% year-over-year, followed by Arlington ($497, down 5%) and Alexandria ($486, up 2.8%)
- Also in Northern Virginia, Loudoun County recorded a per-square-foot sales price of $298, down 0.3%, while the average price of $256 in Prince William County was $256, up 2.8%
Home listings across Fairfax County at the end of July totaled 1,692, up 40% from a year before. Pending sales for the month stood at 1,043, down a fraction of a percent year-over-year.
Signs of cooling in the Fairfax market could be found in the number of days it took, on average, for homes to go from listing to ratified sales contract. For properties that went to closing in July, that figure was 19 days, up from 15 a year ago.
Sellers are also getting less than asking price, with the ratio of listing-to-sales prices in July standing at 98.7%, down from 100.7% a year before.
For the first seven months of the year across Fairfax County, home sales totaled 7,066. That’s up a fraction of a percent from the 7,058 sales recorded from January through July in 2024.
Regional sales post year-over-year decline
Across the Washington region as a whole, there were 4,692 home sales in July, down 2.5% year-over-year, according to Bright MLS data.
The median sales price for all homes across the D.C. region in July was $640,000, up 2.4% and fueled by ongoing increases in upper-end properties.
Available listings were up 40% to 10,283 across the region. A 7.3% year-over-year increase to 90,732 showings suggests buyers and their agents were taking a careful look at their options.
Figures represent most, but not all, homes on the market. All July 2025 figures are preliminary and subject to revision.
