Real estate market in the Northern Virginia area for past couple years has seen an early spring market madness. We started heating up in January 2018 and went full-blown by the time April arrived.
The strong real estate market in Loudoun County is reflected by the high volume of sale, continued anxiety of rising interest rate, a buzz of Amazon arriving in DMV area and a strong local job. With a high demand comes the rise in the prices of the home and buyers affordability is challenged.
April we have one of the most active lists of homes in the market volume yet down double digits compared to 2017 April. Here is a snapshot of the inventory in the market since January 2018.
With the high demand of the homes comes the sales volume. We saw an increment from year to date, however, percentage wise it was lower compared to March 2018 Loudoun County real estate market.
List price compared to Original Sales price:
I personally like to review year to year and month to month this number. This reflects what buyers are offering compared to list price of the home. On average Loudoun County, home buyers offer 98% of the original list price.
Days on the market:
This number is a good indication of average how long the home takes to sell. As we are at the peak of our housing market in the Loudoun County the number has shrunk to 32 days. In some cases, the home flies off within a weekend.
New Construction in Eastern Loudoun County of Ashburn, Aldie, Leesburg, Chantilly and Sterling area:
With a low inventory in the resale home, many buyers are forced to settle for a new construction home that will be delivered in months to come. Incentives with the hot spring market shrink along with homesites that builder will open up to keep up with the demand which leads to minimal negotiation power a buyer can hold.
Snapshot of the housing market in Loudoun County including Ashburn, Aldie, Dulles, South Riding, Chantilly, Broadlands, Sterling, Potomac Falls, Leesburg and Landsdown area of Eastern Loudoun.
Ritu Desai is top real estate agent with Samson Properties in Northern Virginia serving Fairfax & Loudoun County for over 14 years with $100 million + in sales volume experience. If you are planning to buy a home or sell a home team up with Ritu Desai for all your residential real estate needs.