Housing Market Updates Archives -

Loudoun Market Overview – October 2023

The Loudoun County real estate market sales activity is continuing to moderate. In October 2023, there were 70 fewer sales than a year earlier which is a decrease of -16.9%. Most of the area saw decreases in home sales with the exception of Lovettsville which saw growth in sales by 4 homes from last year which was a 66.7% increase.

There were also fewer pending sales in Loudoun County in October of this year. Pending or under contract sales fell by 4.6% or 16 pending sales from the same time last year.

Price growth has generally moderated in some parts of the county, yet has been climbing in other areas. The median price in Loudoun County was $665,000 which is only a 1.5% increase compared to October 2022. That 1.5% increase was just $10,000 more than homes sold last year.

Inventory in Loudoun County has continued to shrink and we are seeing fewer new listings coming on the market. At the end of October, the county had 477 listings which is 145 fewer listings than last October. That is a decline of 23.3% in listings for October. New listings that came on the market in October was at 472 homes which is 55 fewer new listings than a year ago or a 10.4% reduction in new listings.

Listed below are several interesting screenshots from the Dulles Association of Realtors. What do you think of think of the current statistics? Would love to hear your thoughts or sentiments!

The average sold to ask price ratio is my favorite. I keep hearing people talk about how the market is shifting and this tells the story.. Seller’s are still getting full price offers on their homes even with the reduced buyer pool due to the interest rate hikes. I think that is pretty good when painted with the increase in home sale prices even though the increase is small.

What are your thoughts? Share in the comments!

Fairfax County Housing Market Statistics for September 2023

Housing Market Updates

NVAR released the numbers for the September Fairfax County housing market statistics and I wanted to share what was happening in our neighboring county. I would expect the Dulles Association of Realtors to release the September stats soon, however, stay tuned – I may do a post to get you the information sooner.

If you have any questions about the market or would like to know the value of your home, reach out to Sonja Adams at 703-963-7407. I’d be happy to help you understand what is happening in the real estate market or give you a free no obligation valuation of your home.

Loudoun County Housing Market Overview for Fourth Quarter 2021

Housing Market Updates

Home sales fell towards the latter half of 2021, however, the Loudoun County housing market was busy. Lack of inventory was a contributing constraint for home sales. Inventory is at historically low levels. Loudoun’s real estate market is tighter than almost anywhere in Virginia. Sales in Loudoun were 1833 during the fourth quarter which was down 13% from a year ago. There is still strong demand for homes though. Double-digit price growth and declining average days on market reflects the demand.

Sales were down in most local markets in Loudoun County. Towns with the sharpest declines include Aldie zip code 20105 (-35%), as welll as Leesburg zip codes 20176 (-26%) and 20175 (-19%). Lovettsville and Ashburn had increased home sales. Lovettsville zip code 20180 (+7%) and Ashburn zip code 20147 (+2%). Home sales were up in the fourth quarter in Lovettsville zip code 20180 (+7%) and Ashburn zip code 20147 (+2%)

Sales Prices

Home prices continued to rise quickly in Loudoun County despite the slower sales. The median sales price in the 4th quarter was $611,250 which is 11% higher than a year ago. That gain equates to more than $61,000 for the homeowner. For five consecutive quarters, the median price in Loudoun County has risen at a double digit rate. The strongest price growth in the 4th quarter were in Aldie, Purcellville and Ashburn.

Sold Homes

Loudoun County real estate sold volume was approximately $1.2 billion which is 4% lower than a year ago. This the first sold volume decline since the 2nd quarter of 2020. The biggest drops in sold volume occurred in Aldie and Leesburg. Aldie zip code 20105 (-23%) and Leesburg zip code 20176 (-19%) and zip code 20175 (-4%). Other local markets in Loudoun County remained relatively flat.

Days on Market

Some markets in Loudoun County took longer to sell in the 4th quarter, however, other markets sold quickly. The average days on market of 16 days did not change from the same time the previous year. Homes sold in the 4th quarter took 4 days longer than the 3rd quarter which is typical for the season.
Average days on market increased in Purcellville zip code 20132 to 55 days on market. This is more than a month longer than the previous year which was 32 days. Ashburn was the exception to the increased days on market where the days on market dropped by 4 days.

Inventory

The number of active listings in Loudoun County fell in the 4th quarter of 2021. There were 16 fewer listings at the end of the year compared to the previous year. This was a decline of 8%. Inventory levels have been on the decline for a number of years and are just 1/5 of what they were 4 years ago. Most markets in Loudoun experienced falling inventory and supply is still very tight across the county. During the 3rd quarter of 2021, there was less than a 1/2 of a month supply of homes. Some areas were tighter than this such as Sterling who had less than 0.1 months supply in zip code 20165 and Chantilly which had just 3 days of supply in zip codes 20152.

My Thoughts

Inventory is still very tight and we are seeing homes sell very quickly. Homes priced right are experiencing high buyer traffic volumes and multiple offers. We did start to see some contingencies returning, however, competition is fierce again. Interest rates are rising and buyers are understanding what rising rates will do to their buying power, so they are getting more serious about their home buying search.

If you are thinking of selling, now is the time. I can help you navigate finding a home in this market. If nothing else, a free home valuation to determine what you could get for your home might be helpful in making long term decisions. Call me today at 703-963-7407 for a free valuation.

The information above was from the Dulles Association of Realtors.

December 2020: Loudoun Market Report

Buying, Housing Market Updates, Selling

The Loudoun County housing market continued to be strong in December with sales surging in most areas. A total of 644 homes sold in December in Loudoun County which was a 32.5% rise from 2019. Chantilly received the strongest growth where sales doubled from last December! Yes, a 100% increase in home sales in Chantilly from December 2019 to December 2020. Purcellville was the only market that had a drop in sales in Dec from 2019 to 2020 – a drop of -12.5% occurred.

Pending sales continued to grow in Loudoun for the 7th consecutive month. Pending sales jumped 45.4% to 410 pending sales from last year. Both Sterling and Ashburn pending sales were up by 125% and 50% from last year. Lovettsville saw a decline in pending sales – down 80%.

Inventory is still low throughout Loudoun County and home prices continued to rise because of the low inventory and the amount of active buyers looking for homes. The December median home price in Loudoun County was $542,250 which is a 4.3% increase over last year. Both Ashburn and Leesburg though saw a median sales price increase of $100,000 this month compared to a year ago.

The Loudoun market is still seeing Active listings shrink rapidly. Only 231 listings were active at the end of December which is a reduction of 318 listings from last year.

What does that mean to you if you own a home in Loudoun County? It means its a great time to sell! If you are considering selling, please call Sonja Adams at 703-963-7407 for a complete market analysis of your home. This is a market you don’t want to miss! Call Sonja Today!

November 2020 Housing Market Update for Loudoun County

Housing Market Updates

As reported by the Dulles Area Realtors Association:

“Surging home sales continue in Loudoun County for the 5th consecutive month.
There were 649 sales in the County in November, a 38.1% jump from last year, which is 179 more sales. Sales growth was very strong in Leesburg (zip code 20176) and Chantilly (zip code 20152) in November, more than doubling from last year, up 115.0% and 138.5%, respectively.”

This kind of strong growth in pending sales in November could be a signal for a busy real estate market in Loudoun County in the winter ahead. Pending sales increase by 41.7% from a year ago in November 2019. Pending sales of townhomes and condos had the largest influx in pending sales (74.3% increase) in more than 5 years.

In addition, the median sales price in Loudoun rose 13.6% from last year to $560,000. This growth in price occurred in all markets and reflects the really tight supply of available homes. The current inventory of homes is only 1/2 month supply. There were 336 active listings in November which was a reduction of 61.2% from last year. New listings are trending upward, however, not enough to alleviate the low inventory.

3rd Quarter Real Estate Market Summary for Loudoun County

Housing Market Updates

According to the Dulles Area Association or Realtors:

“Home sales surged in Loudoun County this summer, rebounding from a slow spring market. There were 2,456 sales in the County during the 3rd quarter, a 19% increase from last year, an influx of 392 sales. This represents the largest increase in home sales the County has had in any quarter in more than 5 years. Sales activity increased in all 3 months of the quarter (July, August, and September). September was by far the busiest month of the quarter, which suggests there is momentum heading into the fall market. Total sales Statewide jumped up 17% in the 3rd quarter compared to last year, which reflects a widespread rebound in housing markets around the Commonwealth. At the local level, Leesburg (zip code 20175) and Ashburn (zip code 20148) had the largest increases in home sales, with an additional 64 sales and 62 sales, respectively, in the 3rdquarter compared to last year. Sales growth was also strong in Chantilly (zip code 20152, +44 sales) and Aldie (zip code 20105, +41 sales).”

Even with Covid19 Pandemic Restrictions, Loudoun County still saw an incredible increase in sales price. Housing inventory is still low and while the 4th quarter numbers have not been released yet, the beginning of 2021 is still looking strong.

If you are thinking of selling this year, now is a great time to list your home as inventory is so low and buyers are taking advantage of the low interest rates. For a free market analysis of your home, reach out to me, Sonja Adams at 703-963-7407 or through email at [email protected].