September 2017 Market Update For Loudoun County

Dated: 10/17/2017

Views: 371



The following analysis of the Loudoun County, Virginia housing market has been prepared by George Mason University’s Center for Regional Analysis. It was prepared for the Dulles Area Association of REALTORS® by analyzing Bright MLS housing data from MarketStats by ShowingTime. 


Overview


  • Sales growth continues to stall as the 517 closed sales in September was a decrease of 2.5 percent over September 2016. About the same number of home buyers signed contracts in September 2017 as compared to last September, as new pending sales increased 0.8 percent to 538. This is a continued sign of low inventory suppressing sales, as prospective buyers find both limited choices and climbing home prices.

  • Loudoun County’s median home sale price reached $462,000 in September—an increase of 5.0 percent on an annualized basis. This is the highest September median sales value in over a decade.

  • For the 27th consecutive month, active inventory declined. At the end of September, inventory was 15.9 percent lower than the same point last year. This left 1,405 homes for sale at month’s end, with 2.5 months of supply heading into October. Reversing last month’s gain, new listing activity decreased in September versus last year. 

  • Loudoun County added 686 new homes to the market in September and the number of year to date new listings is down 6.8 percent from this time last year. The erratic change in new listings from month to month signals little long-term relief from the market’s consistently low supply of homes.

  • Loudoun County homes continue to sell faster than last year, with half of the September sales listing for 16 days or less, down from September 2016’s median of 22.Loudoun County home sellers received on average 97.8 percent of original list price in September.

  • Demand for detached homes remains the only segment to increase in number of closed sales—up 2.0 percent from last September. Contract activity in the detached home segment increased 8.7 percent from last year and reached the highest number of September new pending sales in over a decade.         

  • Click here for a copy of the full report.


Blog author image

Melody Visser

Melody Hall Visser is a passionate Realtor who lists, sells, and dwells in Northern Virginia. Currently, she serves as a REALTOR at eXp Realty, LLC. As a life-long resident of Virginia, Melody has....

Want to Advertise on this Site?

Latest Blog Posts

US Housing Market Still In Buy Territory

According to the Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across

Read More

What Should You Look For In Your Real Estate Team

How do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or

Read More

DREAMING OF A LUXURY HOME NOWS THE TIME

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its 

Read More

Competition Is Coming Are You Thinking Of Selling Your Home

Real Estate with  MICHELLE & SAMUEL SMITH  BUYERS GUIDE SELLERS GUIDE HOME LANGUAGE  The number of building permits

Read More