2020. A year for the ages.

Loudoun County, Virginia has always been an opportunistic location to plant family roots, but in 2020, the global COVID-19 pandemic, the lowest mortgage rates in decades, and low housing inventory made Loudoun even more of a hotspot for buyers looking to socially distance and embrace more suburban lifestyles.

At 15 West Homes, we were grateful to help more than 30 families either buy, sell, or rent a home this year, leading to more than $14 million in total sales volume. This was in great part due to the expansion of our team and continued support of our community.

Year in Review metrics graphic for 15 West Homes
  • Sales Volume = $14,147,000
  • Total transactions = 32
  • Buyers Served = 16
  • Sellers Served = 10
  • Renters Service = 6

In 2021, we look forward to once again serving families joining us, saying goodbye to, and staying put in Northern Virginia, in a year that’s shaping up to be one of the hottest seller’s market in Loudoun County’s history.

A graph looking at the 2020 real estate trends in Loudoun County, Virginia

The biggest challenge for buyers looking to move to Loudoun County in 2021 will be inventory. Over the last 20 years, there have only been 19 months where there were less than 800 active listings in Loudoun; 11 of those months were in 2020, and we can anticipate December being the 12th. This means buyers need to move quickly, while continuing to do their due diligence in terms of choosing the right home, making sure it’s inspected, and putting in a great offer.

On the flip side, sellers have a great opportunity to make some money on their real estate investments in 2021. Not only is inventory down and demand up, prices are soaring. Through November 2020, average sales price in Loudoun County was up more than $35,000 versus 2019; and in the second half of the year that number climbed to nearly $50,000 more. Additionally, offers are coming in quickly as homes are lasting a mere 18 days on the market on average in 2020 compared to 41 days in 2019.

All indications for the foreseeable future show that homes in Loudoun County will continue to sell. Low mortgage rates paired with the need for additional space in the suburbs, makes Loudoun an ideal location for families looking to move on from city life and take in the great outdoors.

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.

Market stats provided by Dulles Area Association of Realtors®

Catching up with lender partner Michael Kenyon on the loan market! Interest rates have fallen through June and July amidst the global COVID-19 pandemic.

Catching up with lender partner Michael Kenyon on the loan market! The market continues to shift amidst the COVID pandemic and businesses trying to get back to normal.

Catching up with lender partner Michael Kenyon on the loan market! The market continues to shift amidst the COVID pandemic and businesses trying to get back to normal. We discuss what it looks like now and strategies for purchasing or refinancing.

Here’s what you need to know

The start of the COVID-19 pandemic and its impact on our economy has us all wondering how this will impact the housing market, especially for those of you who were planning to sell or buy during the busy spring market. 

As we know from the last major economic downturn, the NoVA area doesn’t seem to be as impacted as the national market. That said, with the impacts the virus has had on employment and the local economy, concern about the real estate market is justified. 

Zillow’s recent housing market projections forecasts a dip in home prices of 2%-3% through the end of 2020 from pre-coronavirus levels. They also predict a pretty steep decline in home sales, forecasted at 60%, before we recover to baseline levels by the end of 2021. That said, our local market data is showing new listings and closings and showings (Fig. 1 and Fig. 2) are tracking closely to 2019 levels. Showings are a bit off (Fig. 3), but clearly that doesn’t seem to be stopping sellers and purchasers from listing and buying. 

Fig.1

Fig. 2

Fig. 3

And, not surprisingly, inventory levels remain low (Fig.4), which means if you targeted the spring to put your home on the market, it’s still a good time to sell.

Fig. 4

If you want to discuss your specific situation and goals, email me at [email protected] and let’s talk!