Fair Lakes, Fairfax County – Northern Virginia Home Sales Activity Q3 2018

Fair Lakes, VA – Dec. 1, 2018 – Home sales in the Fair Lakes community continued a brisk pace in 2018. The average sold price during Q3 was $454,817 compared to $374,000 during the previous year. It should be noted, while home prices in Fair Lakes have certainly increased, there were only 6 homes sold in Q3 and the prices ranged from $295,000 to $610,000. Comparatively, 10 homes sold in Q3 2017 with a similar selling price range. This breadth in price range against relatively few homes being sold can have a dramatic impact on the average sold prices from period to period.

Fair Lakes is just one of 600+ sub-markets within the greater Northern Virginia housing market. Other sub-markets include The Ridges at Glendilough in Fairfax, Singleton’s Grove in Centreville, the Broadlands in Ashburn, and Stonegate in the City of Alexandria just to name a few. Each sub-market has its own unique selling characteristics and statistics that feed into the overall Northern Virginia market. The Fair Lakes average selling price significantly outpaced the 3.22% average price increase seen in the overall Northern Virginia region. Fair Lakes continued to also flex seller strength with low days on market (DOM). DOM measures the speed to a contract, or transaction velocity. Fair Lakes average DOM’s clocked just 14 days in 2018 and 2017, which was markedly faster than the Northern Virginia average of 33 days this year. Consistent with the low DOM’s, Fair Lakes sellers generally received near full listing price for their homes. Fair Lakes has continually proven to be a highly desirable community for buyers given its attractive price points and well-planned development.

The table below illustrates the specific activity experienced in the Fair Lakes sub-market – Q3 2018 as compared to Q3 2017.

Activity (Fair Lakes)

Fair LakesAH1

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