As spring unfolds and the real estate market in Loudoun County continues to evolve, it’s crucial to delve into the recent data to understand the nuances shaping the landscape for homebuyers and sellers alike. This week’s Loudoun County Real Estate Market Update reveals a glimpse into the market’s current state, reflecting both fluctuations and consistencies that warrant attention.
Homes Sold: Slight Downturn
The number of homes sold last week stood at 70, marking a 13.6% decrease from the preceding week. This represents an unexpected data point as we move further into the spring market. Homes under contract surged in late February and early March, but the number of homes sold 30 days later is not keeping pace. This indicates that not all homes that go under contract are making it to the closing table on the first try.
Homes Under Contract: Holding Steady
The number of homes under contract declined by just one unit compared to last week, signifying consistent buyer activity. This past week’s data is on par with this time last year.
Active Listings: A Notable Uptick
Loudoun County continues to see growth in the number of homes hitting the market. Active listings increased to 67 units, representing a 17.5% increase over the previous week. New construction makes up approximately ⅓ of those new listings. In addition, about one half of the new construction homes available are located in 55+ active adult communities. With the exception of the first week of March, both new and resale inventory has been on the rise since mid-February. Despite this positive trend, active listings still fall far short of 2020-2022.
Median Days on Market: Unchanged
The median days on market remained unchanged at 5 days. This indicates that properties are still selling relatively quickly, reflecting continued demand in the market and a competitive environment for buyers.
List-to-Close Price Ratio: Minimal Shift
The median list-to-close price ratio experienced a marginal decline of just less than 1%, settling at 100%. This dip may indicate slight negotiations between buyers and sellers or a recalibration of pricing expectations in response to market dynamics.
Overall, last week’s data suggests a market that remains active and competitive, with some fluctuations in transaction volumes and pricing dynamics. These shifts may be influenced by a variety of factors, including seasonal trends, changes in buyer and seller behavior, and broader economic conditions.
To get the latest monthly recap on the Loudoun County Real Estate Market click here —> 2024 Monthly Market Update for February
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