Here’s a look at the Loudoun County Real Estate Market for June 2018. According to a report released by the Dulles Area Association of Realtors (DAAR), Loudoun reached their highest monthly median sales value on record. Also, housing listings declined for the 36th month in a row. Let’s take a closer look the Loudoun County real estate market trends.
Housing Stats for June
Loudoun County’s median home price reached $500,000 which is the highest value on record. This occurred amidst the lowest recorded June inventory in over a decade. Inventory was 22.2% lower this June compared to June 2017 which left only 1207 homes for sale at month end and only a 2.2 months housing supply. New listing activity decreased as well and was down 13.8% compared to last year in June 2017.
Condos led the growth, climbing by 37.9% from June 2017! This growth equated to the highest recorded number of condos sold in a month at a whopping 131 sales. Condo prices have increased by 14.8% compared to last June which makes the average price for a condo $310,000.
Both townhome and single family detached homes rose by 5.6 and 5.8% from June 2017 to $442,000 and $640,000 respectively. Both townhomes and single family detached homes reached their highest median sales price on record.
Half of June’s listings were under contract in 9 days or less and sellers on average received 98.8% of their original list price. Loudoun closed 839 homes in June which was 105 more homes than in May.
Townhomes and condos have the tightest inventory with only a 1.4 and 1.5 months supply available. The supply of single family homes increased to 2.9 months at the end of June. Home sellers on average received 98.8% of their list price.
What does this mean if you’re buying a house in Loudoun County, VA?
With the rising median sales price and low inventory, it is more important than ever for a potential home buyer to have a firm idea of how much home they can afford. It’s also important to have met with a mortgage loan officer to get your loan process started so you can compete with other home buyers who are bidding on your dream home. We are still seeing multiple offers on homes, especially in the condo or townhome market. We also recommend that you sign up to receive email notifications on homes as they come on the market or to work with us to find you a home before it is active on the market.
What does this mean if you’re selling a house in Loudoun County, VA?
This is a great time to sell! Why? The inventory remains low, which means potential home buyers are looking for new listings coming on the market. With the home prices rising, there is a good chance you will sell your home quickly with an appealing offer. You will want to know what your home is worth, so sign up for our free home valuation offer.
50% of homes in Loudoun are selling in less that 9 days for 98.8% of the original list price.
If you are looking to buy or sell a home in Loudoun County, VA, call Sonja Adams at 703-963-7407 or reach out via email at SonjaAdams@kw.com