It’s that time of the week again when we dive into the latest happenings in the Loudoun County real estate market. This week, we’ve got some interesting stats that reflect the Thanksgiving spirit and the shift in focus from home buying to turkey eating. Let’s break it down!
Sold Homes Take a Dip
The turkey coma effect seems to have hit the real estate market as well. Sold homes have decreased by a whopping 36% week over week. It’s not surprising, considering many folks are busy preparing for and enjoying the Thanksgiving holiday with their loved ones.
Under Contract Homes Following Suit
Homes under contract are also down by 16%. It appears that prospective buyers are joining in on the festivities and postponing their home-buying plans for a bit. Who can blame them with all the delicious food and quality family time?
Active Listings on the Decline
Active listings are experiencing a significant drop, down by 73%. Sellers might be opting to take a break from showings and open houses during this holiday week. It’s a quieter time in the real estate world, and that’s okay!
Longer Days on Market
Average days on market are up by 4 days or 25%. This extended time on market aligns perfectly with the slower pace of Thanksgiving week. Buyers and sellers alike are taking it easy, which is a nice change of pace.
List to Close Price Ratios Show Slight Decrease
List to Close price ratios have decreased by 0.7%. This indicates that buyers might be gaining a bit more leverage in this holiday market. It’s not uncommon for negotiations to be a tad more favorable for buyers during this time.
The Loudoun County real estate market took a little breather for Thanksgiving, with fewer homes sold, fewer under contract, and significantly fewer active listings. Don’t be alarmed; it’s all part of the holiday charm! As we wrap up November and head into December, we’ll keep you updated on continued shifts in the market.
We hope you enjoyed your Thanksgiving, and remember, when you’re ready to get back into the real estate game, we’re here to help!
To get a recap on the monthly Loudoun County Real Estate Market click here —> 2023 Full Month Market Update for October
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