As this historic sellers’ market continues in Northern Virginia, now might be the best time ever to sell your home in Loudoun County. We’re not trying to send you packing, but if the timing is right, homes in Loudoun are selling faster and for more money than we’ve ever seen, and a low inventory means a less competitive home selling market.
Coming into 2021, we fully expected low inventory to be one of the biggest obstacles in buying a home in Loudoun County, and a record low number of active listings through Q1 2021 has supported that claim. Over the last five years, there has been a relatively steady stream of active listings available in Loudoun, averaging about 1,000 active listings per month. In Q1 2021, there were less than 250 active homes on the market per month, marking a roughly 75% decrease in active monthly inventory versus the previous 5-year monthly average. Additionally, January 2021 marked the lowest active inventory month since at least 2000 with just 221 available at month’s end.
If you’re looking to buy that may sound scary, but also note that a lot of homes are still being sold, in fact, in Q1 2021, more than 1,400 homes were sold, adding up to the most homes sold in the first quarter of a year since 2005. However, if you want to buy one of those homes, you have to be quick!
If short supply wasn’t enough of a challenge for hopeful buyers, homes are also leaving the market faster than ever. In Q1 2021, we saw the fourth straight quarter with homes remaining on the market for just over two weeks. For comparison, the average days on market for homes in Loudoun in Q1 2020 was nearly four weeks, so homes are on the market for about half as long as they were at this time last year.
Home values also continue to climb in Loudoun as the average sales price of $585,000 was the highest average priced February ever. We’ve come to expect price hikes throughout Loudoun County, however, the year-over-year price increase of $32,172 versus February 2020 was the smallest increase in February over the last three years.
If you’re looking to sell in this red hot seller’s market, 15 West Homes is here to help. Give us a call to see how we can help you sell your current house for top dollar and/or find the home of your dreams.