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!