Housing market condition – January 2014

Fairfax County alone had more listings than a year ago (total of 1,127 new homes entered the market).  Nevertheless, it does not satisfy the high demand in the area.  Unemployment rate is way down to 3.6% as of the end of 2013 (www.virginialmi.com).  Fairfax main employment is still in the area of Professional, Scientific, and Technical services, which added 10% of job growth to the field.

Average Home Sales Price in Fairfax County is $491,144 at a 96.4% Average Sold to List Price that a homeowner will get from listing the house. Average days on market of a house is 58 days, and it is at its 5-year low.

It is still a seller’s market in general. On the other hand, buyers are currently very skeptical about the market.  With the help of Realtors, buyers are getting the right home for their family, and sellers are moving towards their goals faster. The price bidding war is still happening although it is more tolerable now than before.

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