If Q3 2020 was any indication, the real estate market in Northern Virginia is still on the rise. Homes are flying off the market at a record pace for more money than they have since our housing boom in the early 2000s. Location independence, outdoor expansion, the need for multi-purpose sanctuaries, and historically low mortgage rates are encouraging residents of Washington, D.C. and its immediate suburbs to set roots further west—in Loudoun County.
Homes Continue to Sell
When the coronavirus first caused shutdowns throughout the nation’s capital region in March, Q2 home sales in Loudoun County in stalled to six-year lows. However, those numbers quickly rebounded in Q3 when 2,023 residential units were sold, the most on record since Q3 2005. That trend also seems to be continuing as 737 homes were sold in October 2020, the most homes sold in October in more than 20 years. For reference, 538 homes were sold in Loudoun in October 2019.
Average Sales Price Continue to Rise
While the number of homes sold continues to trend upward, so does the average price. In Q3 2019, homes in Loudoun County sold for an average of $548,440. In Q3 2020, homes sold for an average of $613,333. The near 12% year-over-year increase is the highest increase in average sale price in Loudoun since 2004–2005. That trend continued into October when Loudoun homes sold for an average of $605,000, a 10% increase versus average sales price in October 2019.
The average home sale price in September 2020 was the highest average sales price for homes in Loudoun in a single month…ever. With inflation, increased home sale prices might seem normal, however, before September 2020, you had to look back to August 2005 for the month with the highest average home sale months in Loudoun.
Homes Continue to Fly Off the Market
Lastly, the listed homes in Loudoun are not lasting long. In Q3 2020, the average home in Loudoun was on the market for just over 18 days, the shortest amount of time on the market in more than 20 years. In Q3 2019, Loudoun homes were on the market for nearly double that at 35 days.
Are These Trends Here to Stay?
We are now nearly a year into the COVID-19 pandemic, and people and businesses are fully recognizing the benefits of remote work options. Technologies like Zoom, Google Docs, and Slack or Microsoft Teams mean that coworkers don’t have to be sitting in side-by-side cubicles to keep businesses moving forward. Additionally, many companies are reporting increased employee morale—due to better work-life balance and less time sitting on the Beltway—actually leading to increased productivity outside of the traditional office.
We saw the typically active spring market slide into summer and October was a major indicator that the typically active summer market will slide into the fall. Trends show that people are fully embracing wanting more space, more nature, and more privacy. And smaller communities outside of Washington, D.C. are embracing the changing needs of their changing demographics as well, adding new infrastructure, entertainment venues, restaurants, and shopping centers further supporting the westward shift in Northern Virginia’s home buying trends.
Whether you’re looking to move to Loudoun County and enjoy the many things our community has to offer or you’re looking to move even further out of Washington, D.C.’s metropolitan region, 15 West Homes is here to help you whether you’re selling, buying, renting, or staying put.