Fairfax County real estate market in the Northern Virginia area continues the sign of the strong improvement in both the median sales price (4.76%) and a double digit reduction in the number of days on the market (-19.23%). Summer sales remain strong compared to last year and hopefully it will continue in the fall market.
As a Fairfax County Realtor this huge influx is caused due to large reduction in the number of active listings (approx 1000 less than last year) or what we call a very low inventory in the market. This has caused frustration, multiple offers and increase in the sales price among the buyer pool. Higher rental price and lower interest rate continues to draw buyers to the housing market.
Here are the statistics from the RBI /MRIS MLS system.
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