As always, we’ve got the latest scoop with this week’s Loudoun County real estate market update! So, let’s get into the details about the week ending on October 22, 2023. It’s a market that’s not quite following the usual playbook, and we’re here to break it all down for you.
Homes Sold Soar Week over Week
First things first, let’s talk about homes sold. The numbers are in, and they’re nothing short of impressive. Home sales shot up 65% compared to the week prior. What does this mean? It’s a clear sign that buyers are eager to make their move and settle into their new homes just in time for the holidays. Sellers, take note – this might be the perfect opportunity to be a bit more flexible with your price or offer some enticing seller credits.
Pending Homes Show Resilience
Now, you might be wondering about the impact of those rising interest rates. Well, despite interest rates hovering around 8%, pending homes are up by 7%. This tells us that buyers are still very much interested in making a purchase. The dream of homeownership is alive and well in Loudoun County.
Active Listings Buck the Trend
Speaking of trends, active listings have gone against the grain, increasing by 3%. This defies the usual seasonal expectations. Sellers seem to be taking advantage of the relatively low inventory to fetch top dollar for their homes, and the market is more than willing to oblige.
Days on Market Down to 12 Days
For those keeping an eye on competition, here’s something noteworthy. The average days on market have dropped by 29% compared to the previous week. This indicates a steady demand from buyers who are eager to secure their slice of Loudoun County. If you’re a buyer, it’s a sign that you need to continue to be prepared to act swiftly in this competitive environment.
Average List to Close Price Ratio Edges Up
Lastly, let’s talk about the average list to close price ratio. It’s up by a modest 0.5%. What does this suggest? Well, it could mean that sellers are providing credits to buyers, and there’s also a healthy dose of competition in play. Buyers and sellers alike should continue to be prepared for this dynamic market.
This week’s data continues to show that the Loudoun County real estate market continues to be anything but predictable. The key takeaway? Buyers are determined, and sellers are finding creative ways to meet their expectations. As interest rates continue to make headlines, the market marches on, driven by both demand and opportunity.
If you’re looking to make a move in Loudoun County, whether you’re buying or selling, staying informed about these market trends is essential. Keep an eye on these developments as we move forward, and remember, in this ever-evolving real estate landscape, knowledge is your best ally. Hit us up if you want to discuss your specific scenario at [email protected]!
To get a recap on the Loudoun County Real Estate Market click here —> 2023 Full Month Market Update for September