Strong Buyer Demand Continues to Drive Competitive Market
Welcome to our weekly Loudoun County real estate market update for the week ending September 17th, 2023. It’s no surprise that the real estate market in Loudoun County continues to be red-hot, with notable shifts in various key indicators. Let’s dive right in and explore what’s been happening in our local real estate scene.
Homes Sold Up by a Sizeable 49%
The standout news for this week is the significant increase in homes sold. The market has seen a robust 49% weekly surge in the number of homes sold. This impressive statistic speaks to the resilience of buyer demand in the face of changing interest rates.
Despite the potential rise in borrowing costs, it’s evident that buyers are still eager to secure their dream homes in Loudoun County.
Homes Under Contract Up by 4%
Homes under contract have also shown a positive trend, with a 4% increase. This reaffirms the continued strength of buyer demand and an indication that they are actively searching for properties and making offers.
Active Listings Up by 11%
This is really what we are hoping continues as sellers are looking to make their move too! Active listings have increased by 11% as homeowners look to capitalize on the competitive market conditions before the holiday season kicks in.
If you’ve been contemplating selling your property, now might be an opportune time to do so.
Days on Market Up by 1 Day
The average number of days a home spends on the market has increased slightly, up by just one day to 15 days. If this continues it will be a promising sign for buyers, suggesting that they might be gaining a bit more leverage in negotiations.
However, it’s important to note that this remains a relatively short period for a home to be on the market.
Pricing Strategy Matters
A note to sellers: In this dynamic market, pricing your property correctly is crucial to maximize your returns.
The average list-to-close price ratio has seen a slight dip. However, it’s too early to conclude whether this indicates a slowdown in home prices — we’ll need more data over the coming weeks to understand if this is indeed a trend.
The Loudoun County real estate market continues to be a competitive landscape for both buyers and sellers. The surge in homes sold, the rise in homes under contract, and the increase in active listings all suggest a very dynamic market. Buyers, although still facing competition, may be inching towards a more favorable landscape with the uptick in days on market. It will be interesting to see if that continues with next week’s data.
Sellers, take note of the importance of preparing and pricing your property strategically to achieve the highest possible sale price. As for the slight dip in the list-to-close price ratio, we’ll need to keep a close eye on future data to determine its significance.
If you have specific questions about the market or need advice on your current situation, email us at [email protected]!
For last week’s update click here