Closed sales are down from the week prior
The 7-day average inventory in Loudoun County was 366 homes for the week ending April 9, 2023, down 7% from the prior week. Compared to the same week in 2022, this is 26.2% lower. As a result, buyers are restricted to significantly fewer listings on the market than they saw prior to the pandemic housing frenzy. Limited inventory and higher interest rates will continue to hold back market activity in Virginia and across the country.
New listings aren’t coming to the rescue
New listings in Virginia are very depressed compared to the prior year, down 49.4% and down from the prior week, 3.9%. Fewer homes added will constrain inventory growth, and support price increases despite fewer closed sales.
Time to contract drops again
The median days to contract is 5, down two days for the week ending April 9, 2023 and up one day from the same time last year (4). The market is back to quick offers and high competition scenarios for many properties in the county. While not all contracts end successfully, buyers must compete for the limited active listings available and understand there is still time pressure despite lower demand.
Check out Dinos Alive featuring over 80 life-sized animated dinosaurs! Perfect for dinosaur enthusiasts and Jurassic Park fans of all ages, this immersive experience uses VR technology to allow guests to experience dinosaurs in their natural habitat. With a range of exhibits, Dinos Alive is great for all ages. Children and adults will learn about the Triassic, Jurassic, and Cretaceous periods in a fun and interactive way. The experience runs now through the end of May at the Rhode Island Center located at 524 Rhode Island Ave NE in Washington DC. Get your tickets here.
Local Business Highlight
Delirium Cafe in Leesburg, Virginia is a go-to spot in the downtown restaurant and beer scene. Opened in May of 2017, Delirium is the first licensed US location of the famed Delirium Cafe on the Grand Palace in Belgium. Founder Curtis Allred was inspired to open the Leesburg location after a trip to Belgium where he was part of the weekend long national beer festival in the capital city of Brussels and had the opportunity to experience the original Delirium Café location which boasted the Guinness Book of World Records LARGEST beer list with over 3,000 unique beers on the menu at that time (2011).
Housed in a 150+ year old property on the corner of Loudoun and King Streets, the Delirium Cafe-Leesburg offers traditional indoor bar/restaurant seating as well as a delightful outdoor seating area. They feature 40 draft lines serving their namesake beers as well as outstanding Belgians and Domestics, a full selection of cocktails, and some great wines, while their food menu offers delicious soups, salads, and sandwiches, including Delirium Poutine, Belgian Arancini, and all-you-can-eat mussels on Mondays. Make sure you stop by the next time you are in Leesburg!
The Loudoun Hunt Point-to-Point races return to Morven Park on Sunday, April 23rd. The races are an exciting annual event that attracts both avid horse racing enthusiasts and casual spectators alike. Held on the beautiful grounds of Morven Park in Leesburg, Virginia, the races offer a thrilling day of high-speed action as riders and their horses navigate a challenging course of jumps and obstacles. The event has been a fixture of the Loudoun County social calendar for over 100 years and continues to draw crowds from all over the region, but don’t worry, you don’t need your fancy dress and fascinator, this is a casual event.
Gates open at 10:00am and post time for the first race is 11:30am. You can get tickets here. We hope to see you there!
The Ballpark Loudoun is a 22,000 square foot state-of-the-art indoor baseball training and entertainment complex. Think TopGolf, but for baseball and softball. Using custom technology, The Ballpark features 70-foot by 14-foot augmented reality batting lanes that allow for intense training or social competition. Video backdrops simulate big-league ballparks, baserunners, and fielders, all moving in sync with how you — the batter — fared. All the lanes are fitted with technology that tracks speed and elevation off the bat to calculate where the ball would go in any Major League stadium you program in. A night at the ballpark will never be the same!