The Dulles Area Association of Realtors® (DAAR) released its November 2022 Loudoun County Market Indicators Report this week which provides market trends surrounding the real estate market in Loudoun County.
In the county’s housing market, there were 329 sales in the month of November, down 48% or 304 fewer sales than the previous year. The number of sales has dropped off in each of the local markets. The biggest decline in sales happened in Ashburn zip code 20147 which had 60 fewer sales compared to last year (-60.6%) and Chantilly zip code 20152 with 36 fewer sales than last year (-67.9%).
In November, there were 288 pending sales in the county, 179 fewer pending sales than a year ago, which is a 38.3% decrease. The number of pending sales fell the most in Ashburn zip code 20147 with 32 fewer pending sales than a year ago (-41.6%) followed by Sterling zip code 20164 with 28 fewer pending sales than the previous year (-49.1%).
The median sales price in Loudoun County was $637,500 in November, a price increase of $37,550 compared to the same time last year (+6.3%). The biggest price jump took place in Leesburg zip code 20175, with the median sales price rising by $238,725, a 42.9% increase. The median price also grew in Lovettsville zip code 20180 (+21.1%) and Aldie zip code 20105 (+18.9%). The sales price in Chantilly zip code 20152 fell by double digits this month, with home prices down $72,000 (-10.3%).
There were 504 active listings in the Loudoun County market at the end of November, up 88.8% which is 237 more listings than a year ago. The largest increase in listings this month was in Sterling zip code 20164 with 53 more active listings than last November (+331.3%) and Leesburg zip code 20176 which had 51 additional listings (+268.4%).
“While it’s not out of the ordinary to see less market activity at this time of year, Loudoun County continued its slowdown in home sales last month due in part to higher mortgage rates and other economic factors. At this point, many may be wondering how long these conditions will last,” said 2023 DAAR president Allan Marteney in a statement. “We’ve already begun to see interest rates fall in recent weeks, and if that trend continues as forecasted, I believe we’ll see more buyers taking advantage of higher inventory levels in the coming months.
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