2020. A year for the ages.
Loudoun County, Virginia has always been an opportunistic location to plant family roots, but in 2020, the global COVID-19 pandemic, the lowest mortgage rates in decades, and low housing inventory made Loudoun even more of a hotspot for buyers looking to socially distance and embrace more suburban lifestyles.
At 15 West Homes, we were grateful to help more than 30 families either buy, sell, or rent a home this year, leading to more than $14 million in total sales volume. This was in great part due to the expansion of our team and continued support of our community.
- Sales Volume = $14,147,000
- Total transactions = 32
- Buyers Served = 16
- Sellers Served = 10
- Renters Service = 6
In 2021, we look forward to once again serving families joining us, saying goodbye to, and staying put in Northern Virginia, in a year that’s shaping up to be one of the hottest seller’s market in Loudoun County’s history.
The biggest challenge for buyers looking to move to Loudoun County in 2021 will be inventory. Over the last 20 years, there have only been 19 months where there were less than 800 active listings in Loudoun; 11 of those months were in 2020, and we can anticipate December being the 12th. This means buyers need to move quickly, while continuing to do their due diligence in terms of choosing the right home, making sure it’s inspected, and putting in a great offer.
On the flip side, sellers have a great opportunity to make some money on their real estate investments in 2021. Not only is inventory down and demand up, prices are soaring. Through November 2020, average sales price in Loudoun County was up more than $35,000 versus 2019; and in the second half of the year that number climbed to nearly $50,000 more. Additionally, offers are coming in quickly as homes are lasting a mere 18 days on the market on average in 2020 compared to 41 days in 2019.
All indications for the foreseeable future show that homes in Loudoun County will continue to sell. Low mortgage rates paired with the need for additional space in the suburbs, makes Loudoun an ideal location for families looking to move on from city life and take in the great outdoors.
Whether you’re looking to move to Loudoun County and enjoy the many things our community has to offer or you’re looking to move even further out of Washington, D.C.’s metropolitan region, 15 West Homes is here to help you whether you’re selling, buying, renting, or staying put.