The market throughout Fairfax County continues reflecting trends that have taken hold throughout the region for quite a while. For sellers, prices were up nearly 4 percent from January through August of this year, compared to the same period in 2022. More locally, in 22306 prices were up just under 1 percent, and in 22307 they were up about 3 percent.
Average days on market from January to August 2022 was 18 days in 22306 and 12 days in 22307. That’s changed to 25 days and 18 days respectively for the same period in 2023.
In addition, overall sales are down. In the first eight months of this year, the number of homes sold throughout the county was 8,071 compared to 10,766 in 2202. That’s a 25 percent drop in the number of homes sold.
For sellers, this is indicative of the lower inventory throughout the region and one of the reasons prices continue creeping up, even with higher mortgage interest rates.
If you’re preparing to put your house on the market, keep these numbers in mind. While it may take a bit longer to sell, prices remain high. The key is ensuring you’ve done everything you can to maximize the value of your home when you prepare to sell. So if you’re considering a sale, we encourage you to contact us for a personal home evaluation and pricing focus to ensure you to get the most out of your home sale.
