The following are highlights from the May 2020 Loudoun County Market Indicators Report for the Dulles Area Association of Realtors produced by Virginia Realtors.
• The report found a dramatic decline in sales compared to last May. There were 546 home sales in Loudoun County in May, which is 243 fewer sales than last year, representing a 30.8 percent plunge. The sharp slowdown in sales activity is occurring throughout Virginia and beyond and reflects the uncertainty in the market from COVID-19.
• Market uncertainty continues to impact pending sales. For the third month in a row, COVID-19 is limiting the number of buyers that are active in the Loudoun County market, which is pulling down pending sales activity. There were 706 pending sales in May, which is a 10.1 percent drop from last year.
• Home prices continue to climb amid the pandemic, reflecting tight inventory. At $525,500, the May median sales price in the Loudoun housing market rose 5.3 percent from a year ago, a gain of $26,500. Most of the price gains occurred in the townhome and condo markets (+8.2 percent).
• The supply of active listings continues to shrink, with a large drop in new listings. The inventory remains very tight in the Loudoun housing market, and new listings are not being added to the market at the same rate as before the pandemic. There were 717 active listings at the end of May, a 41 percent decline from last year.