In May 2022, the Falls Church Real Estate Market was lucrative. 26 homes sold compared to the 24 homes that sold in April. Homes were on the market for an average of 11 days and a median of 5 days; however, in April of 2022, the average was 45 days and the median was 6. That is a 75.56% decrease of average DOM and a 16.67% decrease of median days on market from JUST April to May 2022. 

That is not the only impressive development! Homes sold for an average of 4.63% more in May compared to April 2022. The average sale price in April was $1,132,524 and the median sale price was $1,062,376. In May, homes sold for an average of $1,184,973 and a median of $1,138,250 in Falls Church. 

According to the above data, Homes are still selling quickly and for top dollar in the Falls Church Market. The recent rise in interest rates has caused a shift in the market where this means the market is headed is unclear at the moment, but for now, it is still a great time to buy and still a great time to sell in Falls Church, Virginia. If you would like to know more I would be happy to answer any questions you have.

Follow me on social media for more Real Estate tips, market updates, and current content you don’t want to miss!

View my most recent Tom’s Tips on “How inflation is affecting the Real Estate Market” below