The following are key market trends from the Dulles Area Association of Realtors’ July market report for Loudoun County.
• Sales activity rebounded in July after four sluggish months. The summer market is picking up steam in Loudoun County, according to DAAR. There were 863 sales in July, a 7.3% increase from a year ago, a gain of 59 sales. This is the first sign of sales growth in the county since February.
• Pending sales are surging in the county, reflecting pent-up demand. For the second month in a row, pending sales in Loudoun County are rising fast. There were 804 pending sales in July, a 24.5% jump from last year. Nearly all of the additional pending sales are in the single-family detached market.
• Home prices continue to rise in Loudoun, driven by very low supply. The July median sales price in the county was $562,980, which is an 8.5% gain from last year. The tight inventory continues to put upward pressure on home prices in Loudoun, particularly in the single-family detached market, where the median price jumped 11.5% from last July, the sharpest gain in more than six years.
• Overall active listings are falling sharply; however, new listings are on the rise. There were 628 active listings on the market in Loudoun County at the end of July, a 43.8% drop from last year. For the second month in a row there was a spike in new listings. If the trend holds, it could help to alleviate the supply shortage over time, realtors say.
Information provided by the Dulles Area Association of Realtors via Virginia Realtors.