Is Falmouth, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Falmouth has remained a Seller's Market.
Key Takeaway
Falmouth is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Falmouth, VA
How much do homes in Falmouth, VA cost?
Median Sold Price
$434,950
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Falmouth have sold for 1.7% more than they did a year ago.
Summary: The median home sold price in Falmouth was $434,950 in May 2024, up 1.7% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $299K | $285K | -4.7% |
| 2 Bedrooms | $329.5K | $341K | +3.5% |
| 3 Bedrooms | $375K | $369K | -1.6% |
| 4 Bedrooms | $494.5K | $500K | +1.1% |
| 5+ Bedrooms | $605.5K | $575K | -5.0% |
Summary: Falmouth housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.7%, 2 bedroom homes increased by 3.5%, 3 bedroom homes decreased by 1.6%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Cities
| Hartwood | $573.4K | $610K | +6.4% |
| Aquia | $465K | $486.2K | +4.6% |
| Fredericksburg | $431K | $442.7K | +2.7% |
| George Washington | $422.5K | $433.3K | +2.6% |
| Falmouth | $427.5K | $434.9K | +1.7% |
Housing Supply in Falmouth, VA
How many homes are available in Falmouth, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 87 | 95 | +9.2% |
Summary: The Falmouth real estate market had 95 homes for sale in May 2024, a 9.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 14 | 11 | -21.4% |
| 3 Bedrooms | 27 | 33 | +22.2% |
| 4 Bedrooms | 26 | 41 | +57.7% |
| 5+ Bedrooms | 19 | 10 | -47.4% |
Summary: The Falmouth housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 21.4%, 3 bedroom homes increased by 22.2%, 4 bedroom homes increased by 57.7%, and 5+ bedroom homes decreased by 47.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 23 | -11.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Falmouth, you could pay more than the asking price. 60.9% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in Falmouth in May 2024, down by 11.5% month-over-month. Of the 23 sold homes, 30% were sold under asking, 9% were sold at asking, and 61% were sold over asking.
Days on Market for Falmouth, VA
How long does it take to sell a home in Falmouth, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 11 Days | +30.0% |
Summary: Homes in Falmouth had an average of 11 days on market in May 2024, up by 30% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Falmouth are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 23 homes were sold in Falmouth; 91% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
