December 2019 Loudoun Housing Market Report
Below is the Loudoun County Housing Market overview for December 2019. House prices continue to rise, with an 8% increase in median sales price over December 2018. Purcellville had an astounding 13.4% increase in median sales price from December 2018 to December 2019. With only 582 active listings in December, Loudoun County experienced the lowest inventory of housing in at least a decade. With demand high and supply low, sellers continue to receive offers close to, and sometimes over, asking price. Average Sales Price to Original List Price rose from 98.2% to 98.7% from December 2018 to December 2019. Low inventory has driven average days on market down to 30 days, a 18.9% drop from this time last year. With this kind of market, buyers are increasingly making full-price or nearly full-price offers, and are sometimes finding themselves in a multiple-offer situation. It’s important for buyers to be ready to make speedy decisions and quick offers in order to be competitive, which is why it’s critical for buyers to have an advocate– a good realtor who knows the local market.
With low supply and increased home prices, it’s a great time for sellers to put their properties on the market. With interest rates remaining low, it’s also a good time for buyers to jump on a property when they see one they like. If you are thinking of buying or selling, or if you are interested in the real estate market statistics of your specific town or neighborhood, please contact me. I’m always happy to chat about real estate!