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.
Time to contract still low.
Time to contract has been in the low double digits for the last few months. In more normal markets, time to contract begins to slow later in the summer as the fall approaches, but the elevated competition among home buyers in Loudoun County from the lack of inventory is keeping the time to contract low and very similar to last year at this time.
Pending Homes down.
The number of homes under contract is down 26% from the prior week as we start to see the summer seasonality kick in and the continued low inventory available to buyers that are still in the market.
New listings down.
New listings are also down 10% from last week. Sellers continue to be reluctant to list since rates have hovered between 6.5-7% for the past couple of months. New listings are expected to decline throughout the rest of year as families gear up for the start of school and holiday celebrations.
To get a recap on the Loudoun County Real Estate Market click here —> July 2023 Full Month Market Update