Every week, we share a Loudoun County Market update where we compare key housing 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.
Loudoun County Real Estate Market: A Deep Dive into the Weekly Update
This weekly blog post helps you keep tabs on the Loudoun County real estate market. Let’s unpack the latest figures and trends, and see what they mean for potential buyers and sellers.
Home Sales Volume: A 20% Dip
Starting with homes sold, compared to the week prior, we experienced a 20% decline. We’d expect to start declining this time of year but with new listings increasing, it’s hard to say if the decrease will continue its normal seasonal trend.
Under Contract Homes: Slight Decline on the Horizon
Homes under contract have also seen a reduction, nearly 10%. While this may signal a cooling period, it’s essential to view this stat in conjunction with other metrics to get a holistic view of the market.
Loudoun County had 84 new contracts last week, down from last year and from last week (a 10% decrease). As listings continue to show resilience from the usual decreasing trend, contracts are not following the same pattern.
With mortgage rates now over 7% and the median listing price in Loudoun County at $698,990 (up 6.2% from last year), more home buyers are going to feel priced out of the market.
New Listings: An Unseasonal Surge
There were 78 listings in Loudoun County the week ending August 20. While listings are still down from a year ago, we have not seen the typical seasonal decline.
At the current rate, listings may match, or even surpass, 2022 levels as we move into the fall.
However, for those buyers who are still in the market, this could be a golden opportunity for them to have more leverage due to the wider selection.
For sellers, it means more competition, making it crucial to position their property effectively to stand out.
Days on Market (DOM): A Speedy Affair!
The average time to contract in Loudoun County is down four days from last week to 14 days (22% decrease). The typical, gentle easing of the average time to contract in Loudoun County is not apparent this year.
Two weeks is a tight turnaround for home buyers, and this turnaround may remain swifter than what occurred in previous fall seasons.
This dynamic indicates that buyers are and will continue to be required to respond to listed homes quickly in order to be competitive.
Above-List Prices: The Norm
Houses are continuing to exceed their original listed price. This past week the Close to List Price ratio nudged up by 1%, and is now standing at 101.41%.
It’s an indicator that Loudoun County is not poised for a housing crash. Buyers are willing to shell out a premium for the house they want.
In Summary: Reading Between the Numbers
While the drop in some metrics might seem concerning at a cursory glance, the Loudoun County real estate market’s dynamism is evident in the other metrics.
The rise in new listings during an unusual period, combined with the swift pace at which homes are being bought, showcases a competitive market with engaged buyers and sellers.
For potential buyers, the takeaway is to act promptly, especially with homes flying off the shelves faster than usual.
Sellers, on the other hand, should continue to capitalize on the strong demand, ensuring their homes are staged and priced appropriately.
Stay tuned for more updates on the Loudoun County real estate market. As always, we’re here to guide you through the ever-evolving market landscape. We have teh knowledge and expertise to help you make informed decisions every step of the way! If you have specific questions about the market or need advice on your current situation, email us at [email protected]!
To get a recap on the Loudoun County Real Estate Market click here —> July 2023 Full Month Market Update