This week, the Loudoun County real estate market resembled a well-shaken kaleidoscope, offering glimpses of both cooling and resilience. Let’s delve into the data and see what shakes out!

Sales and Inventory

Homes Sold: The number of homes sold dipped from 60 to 47, signifying a 22% decrease. What happened? Let’s face it, January is like that awkward relative who shows up uninvited, overstays their welcome, and tells embarrassing stories about your childhood. Between holiday hangovers, gift debt, and resolutions already broken, most people aren’t exactly in the mood to tackle a major life change like buying a house. Remember, homes typically close about 30 days after going under contract, so rewind the clock back a month and you’ll find us right in the thick of the eggnog-fueled haze. It’s safe to say house hunting wasn’t exactly at the top of anyone’s to-do list. 

Homes Under Contract: Pending sales also cooled down, with contracts dropping from 88 to 73, representing a 17% decrease. Did everyone suddenly decide living with their in-laws was charming after all? Not quite. This might suggest potential buyers are taking more time to consider options but it could also be reflective of the increase in homes on the market compared to the number of buyers actively searching.

Available Homes: Inventory in Loudoun County did the real estate equivalent of jumping for joy this week, soaring from 41 homes to a whopping 52! That’s a 27% increase, folks, which means more options for buyers. This surge could be a sign of the impending spring market, and if so, we might get some much needed relief from the inventory drought of 2023.

Market Speed and Pricing

Median Days on Market: The median time a home sat on the market before selling continued to decline, dropping from 7 days to 6 days. This indicates strong buyer interest and the need to move quickly to secure that dream home. Dilly-dallying is not your friend in this market. You gotta be ready to pounce like a well-caffeinated cat on a dangling yarn ball. Procrastination is the procrastination fairy sprinkling homes off your list with “under contract” dust.

List to Close Price Ratio: The median ratio of the final sale price to the original list price stayed flat at 100%, meaning sellers are still achieving their asking prices! Two primary factors drive this metric – buyer demand and home prices. Buyer demand continues to outpace the supply of homes available for sale, so it’s tough to negotiate a discount in this market. With regard to home prices, sellers seem to be getting it right. Overprice, and you’ll be collecting dust bunnies instead of offers. Price it right, and you might just score a bidding war so epic, your neighbors will need noise-canceling headphones.

What does this mean for you?

Buyers: You may have more options to choose from, but competition could still be present, especially for desirable properties. Be prepared to act quickly and consider offering flexible closing terms.

Sellers: While achieving your asking price remains possible, be realistic about current market conditions and consider adjusting your pricing strategy if your home sits on the market for an extended period.

The Loudoun County real estate market might be a kaleidoscope, but with the right knowledge and a dash of adaptability, you can navigate it like a seasoned pro!

To get a recap on the Loudoun County Real Estate Market click here —> 2024 Full Month Market Update for January

Market Snapshot