Every week, our Loudoun County Market Update shares market statistics so that you get as close to real time real estate market information as possible. We highlight key trends and changes to help you stay well informed in our local market.
The Loudoun County Market Update: Positive Signs Before the Holiday
Loudoun County’s real estate landscape is showing some positive shifts as we approach the festive season.
In a departure from traditional patterns, current market indicators continue to suggest that this year is anything but ordinary.
The latest statistics reveal interesting trends, offering both homebuyers and sellers crucial insights into what to expect in the coming weeks.
Homes Sold: An Impressive 29% Surge
In the past week alone, the Loudoun County real estate market has observed a remarkable increase of 29% in homes sold.
Such an uptick is uncommon, especially as we inch closer to the holiday season.
Typically, the real estate market slows down during this period, but current data defies this pattern, presenting an ideal opportunity for sellers looking to capitalize on heightened buyer interest.
Under Contract Homes: Up By 17%
Closely mirroring the growth in home sales is the notable rise of 17% in homes under contract.
This is indicative of the continued buyer demand in the county.
Buyers are showing they are still eager to secure their new homes, despite 7%+ interest rates we are currently experiencing.
New Listings: A Slight Dip by 8%
On the flip side, there’s been a slight decrease in new listings.
This dip is intriguing, especially when juxtaposed against the increase in homes sold and under contract.
With fewer homes being listed, it suggests that potential sellers might be waiting for the right moment.
Yet, given the current momentum, the market suggests that this is a good time to list, with eager buyers actively scouring the market.
Stable Days on Market: Holding at 14 Days
The average days on market (DOM) remains unchanged week over week. In layman’s terms, this means that on average, a home in Loudoun County is taking two weeks on average to sell.
This stable DOM, is hopefully a nod to a more stable market where buyers have more time to make decisions and also more leverage in negotiations.
Average Close-to-List Price Ratio Decreases
Perhaps one of the most striking figures is the average close-to-list price ratio which was at 100.68% for the week ending 8/27.
This essentially means that, on average, homes are selling for slightly more than their listed price. It’s a testament to the competitive nature of the market, but it is down from the prior week.
It’s important to note just how important pricing is to listing a home – it can mean the difference between weeks or months on the market, even with the strong buyer demand and low inventory dynamics.
Interest Rates and Market Dynamics
It’s crucial to highlight the elephant in the room – the prevailing interest rates, which currently hover above 7%.
Such rates are generally considered deterrents for potential buyers. However, in Loudoun County, the market’s vigor seems undeterred by this economic factor.
This resilience can be attributed to the intrinsic value buyers see in this locale, and the more ‘normal’ market dynamics emerging, which appear to be decoupled from broader economic trends.
As the holiday season approaches, Loudoun County’s real estate market is signaling more than just festive cheer.
The robust sales figures, combined with stable market dynamics, make it a fascinating period for both buyers and sellers.
While the current trends are a positive sign, it’s essential for stakeholders to remain informed and agile. After all, in real estate, as in life, the only constant is change.
To get a recap on the Loudoun County Real Estate Market click here —> July 2023 Full Month Market Update
If you have specific questions about the market or need advice on your current situation, email us at [email protected]!