Falls Church median home price tops $1 million

There were just five closed home sales in Falls Church, Virginia, in February, but that small sampling yield a big number, with the median price of what sold reaching $1.15 million, according to a listing service.

What sells in Falls Church, sells fast. The few homes that sold in Falls Church in February had been on the market an average of just five days, according to listing service Bright MLS.

Fairfax City, another small market for home sales, had a median selling price of $728,500, based on 18 sales. Homes that sold in Fairfax City had been on the market an average of 7 days.

More broadly, Alexandria led the D.C. metro in February, with a median selling price of $724,550 and a median days on market of 6 days.

The median price of a home sale throughout the D.C. region in February was $560,000, a 4.7% year-over-year increase.

In what may be a glimmer of good news for house hunters, new listings coming on the market in the D.C. metro were up 7.2% from a year ago, and active listings were up 5.5%.

“Buyers in the Washington, D.C. metro area have been frustrated by a lack of inventory, but it looks like there may be some relief on the way. However, the market is still going to be very competitive across most of the region this spring,” Bright MLS said.

Below is Bright MLS’s February market snapshot for the D.C. metro.

Bright MLS’s February market snapshot for the D.C. metro. (Courtesy Bright MLS)

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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