Will Amazon make a home in Northern Virginia or DMV area? We don’t know but we know for sure that the housing market is ON fire! Real estate demand is up from 2017.
Just the sales dollar volume went double digits this year. 2017 sales dollar volume was at $242,442,913 compared to 2018 $283,737,127 which is 17.03% higher.
Active listings volume which is driving a tight inventory market in Loudoun County is -19.08% 1,022(2018) and 1,263 (2017).
Median Sold price also went by close to double digits $476,000 (2018) $435,000 (2017) which accounts for close to 9.43% increase.
Average Sales Price to Original List Price Ratio were at 98.7% (2018) 98.2%(2017) up by 0.43%. Which means no low balling on a home. The homes will sell close to the list price if priced correctly!
While the above stats do not exclusively include or exclude new construction. Demand for resale homes and new construction home goes through their roller coaster ride. Many home buyers don’t want to wait out until the new construction homes are built. While many home buyers in Loudoun County prefer to wait out and built a home that will be their home for years to come. Depending on the situation home buyers in the area will opt for a home. New homes builders especially townhomes and condos (starter homes) have seen a higher demand than the new single-family home. The reason is, many times the single-family home buyers may have a townhome or another investment to sell. To coincide the sale and purchase can be stressful.
Here is a snapshot of the March Loudoun County housing market report: