Every week, we provide an update on the Loudoun County Real Estate market. We compare key Loudoun County 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 about our local market.
Sold homes are down.
Homes sold were down 15% week over week and can be attributed to a blend of seasonal patterns and the prevailing priorities of families as they gear up for the back-to-school season.
As summer transitions into fall, it is not uncommon for the real estate market to experience fluctuations reflective of the shifting priorities of households.
New contracts show some life.
Compared to the prior week, we did see an increase in the number of homes under contract of 13%. This increase is likely due to a strategic move by families keen on finalizing property transactions prior to the start of the school year.
We continue to see buyer demand hold firm which keeps our local housing market stable. The challenge continues to be the lack of homes for those buyers that are still in the market looking.
Days on Market and List to Close Price Ratio show favorability to buyers.
Days on market increased 64% week over week. This is a good sign for buyers – giving them more time to make decisions and more leverage for more reasonable offer terms.
The List to Close Price Ratio reflects the increase in days on market as it is down by a little over 1% showing that buyers are able to negotiate on contingencies as well as price.
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