After a one-month burst in December where the Fairfax County single-family homes market again joined the seven-figure club, the market in January flew a little less high.
The average sales price of single-family homes that sold across the county during the first month of the new year stood at $977,209, according to figures reported by MarketStats by ShowingTime based on listing activity from Bright MLS.
That’s down 8 percent from a year before, and marks the fifth month out of the last six when the average sales price was below $1 million.
Not that long ago, the mere thought of an average $1 million home-sales price across Fairfax would have left mouths agape locally (as it still does nationally, where the average single-family home price is less than half that amount). But in October 2021, the county market recorded its first seven-figure-average-price month, with eight of the subsequent months joining it.
The current peak of the Fairfax market was hit last March, at more than $1.1 million, as sellers grabbed anything they could in an effort to avoid spiking interest rates. It’s been modestly downhill ever since.
That the average price droppd below $1 million starting the end of summer 2022 and for the most part has stayed there is not really a surprise, as both sales and average prices tend to trail off in autumn and winter. The bigger surprise may have been the renewed burst of enthusiasm, price-wise, recorded in December 2022, when the market again briefly catapulted into the seven-figure club.
The full rundown of average single-family sales prices for Fairfax, based on Bright MLS data as analyzed by the GazetteLeader:
• January 2023: $977,209.
• December 2022: $1,009,366.
• November 2022: $987,000.
• October 2022: $991,000.
• September 2022: $964,000.
• August 2022 $973,000.
• July 2022: $1,043,000.
• June 2022: $1,071,000.
• May 2022: $1,051,000.
• April 2022: $1,044,000.
• March 2022: $1,119,000.
• February 2022: $1,030,000.
• January 2022 : $1,062,000.
• December 2021: $1,001,000.
• November 2021: $937,000.
• October 2021: $1,034,000.
Across the rest of the region in January, the average sales price for single-family properties was $1,348,566 in Alexandria, $1,286,970 in Arlington, $1,111,000 in Falls Church, $1,026,846 in Loudoun County and $613,511 in Prince William County.
Figures represent most, but not all, sales during the period. All January 2023 figures are preliminary and are subject to revision.
