After a sluggish Spring, Fairfax County experienced a steady rise in home sales this summer—a trend that has continued into fall.
In Fairfax County, just like everywhere else, spring home sales were significantly impacted by the pandemic. Total sales in March, April and May were 3,830 homes sold, down 16% from Spring 2019.
The market picked up in the summer, with home sales for July, July & August totaling 4,977—basically identical to Summer 2019.
This trend has continued into fall. The market in Fairfax County has been unseasonably strong so far, with 1,584 home sales in September, a 25% increase over September 2019. October is also shaping up to be a strong month. With a little less than a week to go, Fairfax County is on pace for 1,350-1,400 home sales in October, a modest increase over October 2019, which saw 1,252 home sales.
Current inventory in Fairfax County is 1,740 homes for sale—a 20% increase over last fall. Combined with low interest rates, this increased inventory should spur home sales through the first part of winter.
Here are the current Interest Rates (as of 10/23/2020):