Loudoun County Real Estate Update - January 2015

Loudoun County real estate saw an increase in activity this past January.  Some trends that you should be considering while review the market include:

1. Pending contracts are up close to 15% compared to last year and are at their highest level since 2007
2. There were 589 new listings in January, a 5.4% increase from last year
3. Inventory levels are up 35% compared to last year with 1,537 homes on the market
4. Average days on market before a contract is up 41% to 79 days.

In terms of average sales price by housing type...

Detached homes had a median price of $550,000, a 6% increase from last year.  Townhouses average sales price was $369,900 and was 7.5% lower from last year.  Finally, condo's average price ended lower 6.5% down to $250,000.

In terms of review activity by zip code, here is a good chart to review:

Strong increases in median sales price in Aldie and South Riding while Ashburn zip codes 20147, 20148 took a huge hit in the month.  This chart, however, can be deceiving as it does not show the mix of home sales.

Here is a chart by zip code that shows the average days on market year over year:

For all of Loudoun County, the median days on market increase from 38-60 days.  If you look at zip code 20148, the median days on market increase more than twice!

For more detailed statistics on the housing market or have questions in your particular area, please contact us - we are here to help educate!