After a slow down of the unusual cold and snowy winter, the housing market in the area is just like the Awakening. It is going strong with $1,130,955,371 in Sales Volume – it is almost 20% increase from the month of April. There were 3,679 houses entered the market for sale (9% more compared to May 2013), while there were 2,349 houses under contract (8% less compared to May 2013).
The median sold price was $480,000, slightly higher than April 2014 with an average days on the market of 32 days (1 week shy from last month).
Most sellers appear to get 98.6% from list price at an Average Sales Price of $566,044 – a 3.43% increase from last month, and an increase of 10% compared to 5-year Average.
Although the report and analysis are in clear details, every locality is different, even subdivisions are different. I recently installed a tool for automated home value calculation. It is an automated tool, so there are still errors. Yet, you can try it on your own and see if you like it: wwwfairfaxhouseprice.com
Statistics from RBINTEL.com