Welcome to your weekly real estate market update for Loudoun County! If you’re a homeowner, buyer, or real estate enthusiasts like us, you like to keep your eye on the current state of the market. In this week’s report, we’ll dive into the key statistics that matter most. As a seasoned real estate brokerage serving Northern Virginia, including Leesburg, we’re here to provide you with insights that can help you make informed decisions in the dynamic world of real estate.
Homes Sold: A 40% Dip
This week, we’ve witnessed a significant change in the number of homes sold. Compared to the previous week, there has been a 40% decrease in the number of homes changing hands. This decrease may indicate a shift in market dynamics, possibly influenced by seasonal factors or the continued high interest rates, or both.
Homes Under Contract: A 3% Increase
Despite the dip in homes sold, the number of homes under contract has increased by 3%. This suggests that buyers remain active in the Loudoun County market and indicating seasonality may not be having a big impact on the market quite yet.
Active Listings: Up by 18%
The number of active listings has seen a notable 18% increase. This uptick in inventory could provide more options for buyers, potentially leading to a more balanced market. It’s also a sign that folks that need to sell want to get under contract before the holiday season kicks in.
Average Days on Market: Down 26% to 14 Days
Unfortunately, average days on market declined from 19 days to 14. Unfortunately, this means more competition and less time for buyers to think about their purchase. If you’re a seller, this further underscores your opportunity to make a swift sale.
Average List to Close Price Ratio: Steady
The average list to close price ratio has remained relatively flat compared to the previous week. This stability suggests that property values in Loudoun County are holding steady, offering both buyers and sellers confidence in the market.
As the real estate market continues to evolve, it’s crucial to stay informed and adapt your strategies accordingly. If you’re considering buying or selling a property in Loudoun County, it’s always wise to consult with a knowledgeable real estate professional, who is dedicated to helping you achieve your real estate goals. Please feel free to reach out to us anytime to discuss your specific scenario.
To see the monthly market update for September, click here.