The median sale price of a home sold in the second quarter of 2023 in Fairfax County fell by $12,696, while total sales decreased by 60.7%, according to BlockShopper.com.
From April through June of 2023, 1,944 homes were sold in the county, with sale prices around $675,000. This is a 1.8% decrease from the $687,696 median sale price during the same period in 2022, when there were 4,948 homes sold.
Based on the latest available data from 2021, the median sales tax on homes in Fairfax County was $6,314, which equates to 0.9% of the median home sale price for the second quarter of 2023.
The U.S. housing market has soared in recent years, with its total value nearing $50 trillion in 2024. This is almost five times greater than the market’s value in 2000.
“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao.
The following histogram displays changes in median sales prices in Fairfax County from April 2022 to June 2023.
