It’s that time of the week when we dive deep into the latest stats for the Loudoun County real estate market. As seasoned real estate brokers with a passion for helping you stay informed, we like to share the most recent insights on what’s happening in our local housing scene. So, let’s roll up our sleeves and get straight into it!

Homes Sold Surge by 39%: A Sign of Renewed Buyer Confidence

The week ending 11/19/2024 brought some interesting news to Loudoun County. We witnessed a whopping 39% increase in homes sold compared to the previous week. What’s causing this surge? It appears that most likely, buyers have re-entered the market with enthusiasm.

One significant factor contributing to this surge is the enticing lower interest rates. With financing costs becoming “more affordable”, prospective homeowners are finding it easier to make their move. Even as we’re gearing up for the holiday season, the real estate market remains hot in Loudoun County.

Buyers Taking a Thanksgiving Break: Homes Under Contract Down 31%

While the spike in homes sold is impressive, we did notice a dip in homes under contract, down by 31%. It’s not entirely surprising, given that Thanksgiving week typically sees some buyers hitting the pause button. People are busy preparing for the holiday festivities and may be delaying their house-hunting adventures.

However, this slight dip doesn’t mean the market is cooling off. Sellers, take note—there’s still a strong demand for your properties!

Sellers Stand Strong: Active Listings Up by 24%

Sellers in Loudoun County are in the game, and they’re playing it well. Active listings were up by 24%, indicating that homeowners are eager to take advantage of the continued seller’s market. With demand remaining robust, this is an opportune time for sellers to list their properties.

Competitive Landscape: Average Days on Market Down to 16

In a seller’s market like this, time is of the essence. The average days on market decreased by one day, now standing at just 16 days. This statistic reinforces the notion that it’s still a seller’s market, and properties are moving swiftly. If you’re a buyer, be prepared to act fast, and if you’re a seller, ensure your home is market-ready to capitalize on this competitive environment.

Sellers Making Concessions: Average List to Close Price Ratio Down .2%

Lastly, let’s talk about pricing. While sellers are undoubtedly in the driver’s seat, the average list to close price ratio saw a slight decrease of 0.2%. This suggests that sellers might be making minor concessions to get their homes sold. It’s a subtle shift, but it’s worth keeping an eye on as the market evolves.

The Loudoun County real estate market for the week ending 11/19/2024 continues to keep us on our toes! Buyers are re-entering the scene, sellers are making their moves, and the market remains competitive. With the holiday season upon us, it’ll be interesting to see how these trends develop in the coming weeks.

As always, whether you’re buying, selling, or simply curious about the market, we’re here to provide expert guidance and support. To get a recap on the Loudoun County Real Estate Market click here —> 2023 Full Month Market Update for October