In June 2013, a total of 1,838 homes were sold in Fairfax County, VA. The total value of all the homes sold was $1,018,466,535 - pretty amazing - over one billion dollars of sales in one county. That's over $200M more than was sold the June prior. Huge numbers but don't forget that Fairfax county is the second wealthiest county in the US - edged out only by its neighbor, Loudoun County.
Values keep heading up. The median value of the sold homes was $490,000, up 9% from 2012, and 3% from May. On the other hand, the average price of a sold home was $554,117, a 7% increase from last June and a 1.5% increase from May. The average price paid for a home was about 99% of the original asking price, up 1.5% from 2012. When a home was being sold, it was on the market for an average of 23 days, down 42.5% from the previous year, and down 15% from May.
Overall, there are 2,337 active listings in Fairfax County, which is a 17% decrease from June of last year. Based on 1,766 homes being sold in May this represents a supply of less than 2 months. This, as well as the above factors, indicates a very healthy real estate market. Maybe a bit too healthy, as prices continue to spike upwards. This reminds me a little of the crazy times of rapid appreciation in 2005. If you need to sell your home fast in Fairfax County, VA, now's the time to do it, and Express Homebuyers can buy your home in just 7 days!
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