Welcome to your weekly 5 Things Friday post where we cover the Loudoun county real estate market, fun things to do, and new things to try in the NoVA area!
New contracts rebound, still below past.
New contracts in Loudoun County rebounded from their post-Memorial holiday drop, up 22% week-over-week. If there’s relief in interest rates this summer, it could persuade buyers on the sidelines to make the jump to homeownership.
Interest in homeownership steady.
Consumers are continuing to tour homes. Showing activity in has continued to track near 2019 levels despite the lack of inventory on the market. Buyers are motivated, but they need homes to purchase. Yet it looks like sellers prizing their low mortgage rates won’t change the market landscape, keeping supply tight and competition high.
Price appreciation to stall? Not likely.
For the week ending June 11, the median price of new listings is 2.3% higher than the same week last year. The median list price has generally hovered just above the 2022 line since the end of January. While sellers today must price to the current market, due to limited inventory, prices remain high. Even in areas where new listings are adding to the inventory available, supply is tightly constrained compared to 2019 keeping housing prices growing.
Grab your picnic blankets and low lawn chairs and gather on the Town Center Village Green for a fun family night of free music and family-friendly movies. The Village Green is located at the intersection of Promenade Dr. and Winmeade Dr. in the Lansdowne Town Center in Leesburg.
Every Friday in June through August, the Lansdowne Town Center in Leesburg, VA presents a free outdoor movie beginning at dusk (approximately 9pm). Arrive early to enjoy live music performed by students from Bach to Rock starting 1 hour before the movie. This week’s movie is the Pixar film Luca, where a young sea monster boy with the ability to assume human form while on land explores the town of Portorosso with his new best friends, Alberto Scorfano and Giulia Marcovaldo, experiencing a life-changing summer adventure.
Local Business Highlight
The owners of The Vineyards and Winery at Lost Creek have been a part of the Leesburg community since 2007. Lost Creek Winery was purchased in 2012 and Todd & Aimee Henkle have grown the winery into a premier culinary winery destination offering high-quality Loudoun county wines and amazing farm-to-table cuisine.
They had long considered an urban location and were targeting downtown Leesburg as the perfect location. In fact, at the time they were looking there were no wine bars in the downtown area.
“There was no wine in Leesburg—it’s all beer,” Henkle said. “Leesburg to me is the gateway to DC’s wine country. … There are 45 wineries in Loudoun County, and most people have to come through Leesburg to get to these areas.”
The couple opened Echelon Wine Bar in the heart of downtown Leesburg in 2020 as a showcase for Lost Creek wines and cool grower-produced bottles from all over the world. The wine bar is located in a portion of the basement of the building that used to be home to the Leesburg Antique Emporium.
Looking for a family fun way to celebrate Dad this weekend? Take him out to Breaux Vineyards in Purcellville, VA for Cajun Fest. Enjoy jazz music performed by The Dixie Power Trio and Voo Doo Blues, a crawfish boil, food trucks, craft vendors, kids’ tattoos, games, and rock painting. There will also be misting stations to help keep everyone cool. Bring you popup tents and chairs for shade and seating, but leave your furry friends at home.
You will need a separate ticket for the Crawfish Boil: Crawfish Boil Tickets
Looking for something different to do this weekend? Check out Polo in the Park at Morven Park in Leesburg, VA! Even if you don’t know anything about polo, this is a fun event for everyone. Each night includes two matches, the first starting at 7pm and the second starting around 8:30pm. Spectators can bring their own picnic and beverage of choice as they relax on the terraced viewing area next to the arena. Tickets or single car passes are for one vehicle with up to 6 occupants and can be purchased here. Gates open at 6pm.
Polo in the Park takes place Saturday nights June 3-24 and July 8-22.