It’s time for your weekly Loudoun County real estate update! We’ve got all the scoop straight from the frontlines. So grab your favorite cup of coffee (or tea), settle in, and let’s dive into the latest happenings.
Homes Sold – A Slight Dip
For the week ending on 10-29-2023, Loudoun County witnessed a slight dip in homes sold, with a decrease of 1%. This dip suggests that the winter market hasn’t quite hit its full stride from an inventory perspective. But hold tight, because we are seeing signs that it’s coming!
Homes Under Contract – A Shift in Focus
Homes under contract have taken a notable dip, down by 12%. What could this mean? Well, it seems like buyers are beginning to shift their focus towards the upcoming holiday season. High-interest rates are still in play, continuing to make the real estate game a bit more challenging.
Active Listings – A Counterintuitive Rise
In a surprising twist, active listings are up by 4%. This may be counterintuitive for this time of year, but as seasoned real estate pros, we know better than to expect “normal” market dynamics given the last few years. Sellers are seizing the opportunity presented by low inventory to secure top dollar for their homes, and the market seems to be perfectly fine with that so far…
Average Days on Market – A Bit of Leverage for Buyers
The average days on market increased by 42%, which translates to an extra 5 days compared to the previous week. This offers buyers a little more leverage in negotiations. Now they can confidently request seller credits and home inspection contingencies, knowing they have a bit more time on their side.
Average List to Close Price Ratio – Buyer Leverage Strengthened
The average list to close price ratio has dipped slightly, down by 0.4%. This further supports the idea that buyers are gaining increased leverage in the market. Sellers may need to be a bit more flexible when it comes to pricing.
Stay tuned for more updates on the ever-evolving Loudoun County real estate scene. And, you’re thinking of making a move, don’t hesitate to reach out to your trusted local real estate experts for personalized advice and guidance.