Homebuyer interest in Fairfax County declined slightly from April to May, but remains relatively stable, although how much depends on the geographic area and the type of property a buyer might be looking for.
The county maintained an above-average rank among the 10 jurisdictions in the Bright MLS T3 Monthly Housing Demand Index.
The index uses real-time technology to measure buyer interest, including the display of queries and listing views, to provide forward-looking market status updates.
The last monthly report covering activity in May was released on June 13th. It showed an activity level in the Washington region of 118, up from 126 a month earlier, but still in the Moderate category.
Fairfax County was in 136th place—high, though low, from 151 a month earlier.
The decline is perhaps unsurprising as a variety of factors led to a slight cooling off of the market frenzy that continued through most of 2021 and into 2022. a little more balance to it.
Anything above 130 on the T3 scale is considered high activity, followed by moderate (110 to 129), steady (90 to 109), slow (70 to 79) and limited (up to 70, mostly due to for lack of properties). ).
Among other jurisdictions in the region, this was the case of the haves and have-nots:
HIGH: Arlington led all comers with a score of 206, followed by Alexandria with a score of 193, the city of Fairfax with a score of 136 (like the county), Loudoun County with a score of 132, and Falls Church also with a score of 132.
MODERATE: None this month.
SUSTAINABILITY: DC scored 109, Montgomery County 108, Prince George County 102, and Frederick County 91.
(Frederick County, Maryland, was added to the list a few months ago, although Prince William County, Virginia is not included.)
The survey comes down to the zip code level, which has undergone significant changes and some major changes when it comes to the coverage area of the Sun Gazette.
Dunn Loring (22027), who led the Sun Gazette in Fairfax in recent months, fell from 209 in the May report to 89 in June. Vienna topped the rankings with number 22180, which rose from 168 in the May report to 175 in June.
Also in the highest category were Vienna 22181 (153) and Okton 22124 (135). There was then a wide gap; Dann Loring’s 89 was followed by 22102 McLean (87) and his nearest neighbor 22101 (85). Both 22182 (66) in Vienna and 22066 (47) in Great Falls were categorized as Limited due to the relatively small number of homes on the market.
Across the region, demand for low-cost condominiums and townhouses declined during the month, which may have been as rising prices and interest rates began to force more people out of the market.
But those with cash were still busy, as the strongest segment of the regional market this month was high-end single-family homes, which for the moment can be seen as a better place to store cash than stocks. market.
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For full details see the website at homedemandindex.com.