With summer in full swing, the real estate market takes a bit of a breather compared to the Spring. But, that is not to say that things stopped, not by any means!
In Fairfax County, 2,225 new listings came on the market in the month of July which led to 4,443 homes homes for sale by the end of the month and 1,432 homes going under contract throughout the month. These homes spent an average of 40 days on the market before going under contract.
The overall absorption rate for July was at 2.4 months of inventory. Absorption rate tells us how long it would take to sell all the currently active homes given the pace of sales in July. An absorption rate under 3 months shows a market that is favorable to sellers.
If you are wondering what your home may sell for in the current conditions, give us a call! (703) 425-3582
Until next time,