Fairfax County home prices up – listings down

Fairfax County VA economic indicatorsGraphic: Fairfax County, VA OMB

Home sales in Fairfax County seem to be following the rule of supply and demand. Prices are up and the number of homes for sale is down.

The latest numbers from Fairfax County officials report the average sales price in July was $603,920. That’s up 4.1 percent from July of 2017. Detached homes rose 2.7 percent. Attached homes rose 3.7 percent.

The supply of homes for sale has gone in the opposite direction. The number of active home listings fell from 3,253 in July of 2017 to 2,807 this past July. That’s  a 13.7 percent drop.

On average, it took 28 days for a home to sell in July 2018. In July of 2017 it took eight days longer.

Fairfax County unemployment edges up

The county’s unemployment rate was 2.7 percent this past June, up 0.3 percent from May. But the rate is still 0.5 percent less than it was a year earlier.

Statewide, the unemployment rate didn’t change between May and June, holding at 3.2 percent. Like the Fairfax County rate, it’s also 0.5 percent lower than the rate in 2017.

 

 

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About the Author

Ed Tobias
Ed Tobias brings more than four decades of reporting and news management experience to his work at FairfaxNews. Tobias managed news coverage for Associated Press Radio for over twenty years.  This included coverage of the 9/11 attacks, the Iraq War, Hurricane Katrina, the death of Princess Diana, the Challenger and Columbia shuttle disasters and national election primaries, conventions and campaigns.  He was part of the team that built AP’s on-line video operation. Prior to joining AP, Tobias was News Director at all-news WTOP in Washington, D.C. He has won two Ohio State Awards for his reporting and producing and he led coverage that won an Edward R. Murrow Award.