Loudoun County Real Estate Market Summary – January 2024
In the latest market summary for January 2024, Loudoun County has witnessed some interesting shifts in its real estate dynamics, reflecting changes in both buyer and seller behavior across all property types. This report delves into the new listings, sales activity, pricing trends, and market velocity, comparing current data with the previous year to provide a comprehensive overview of the local real estate market’s health.
New Listings and Sales Activity
January 2024 saw a noticeable decrease in new listings in Loudoun County, with 348 properties hitting the market, marking a 19.82% drop from January 2023, which had 434 new listings. This contraction suggests a tightening in the availability of properties, potentially indicating a shift towards a seller’s market or a hesitation among homeowners to sell.
Despite the decrease in new listings, sold listings have experienced a positive trend. A total of 218 properties were sold in January 2024, representing a 7.39% increase from the 203 properties sold in January 2023. This increase in sold listings demonstrates a robust demand for homes in the area, despite the lower inventory.
Pricing Trends
The median list price for sold properties in January 2024 was slightly adjusted, standing at $669,945, virtually unchanged from January 2023’s median list price of $669,990, showing a negligible decrease of 0.01%. On the other hand, the median sold price saw a modest increase, with properties selling for an average of $670,000 in January 2024, up by 0.75% from $665,000 in the same period last year. This slight increase in sold prices reflects a healthy market where homes sell at or slightly above the list price.
The average list price for sold properties slightly decreased by 1.87%, from $774,722 in January 2023 to $760,273 in January 2024. Similarly, the average sold price dipped marginally by 0.25%, from $761,767 to $759,840 over the same period, indicating a slight adjustment in market valuations.
Market Velocity and Efficiency
One of the most significant indicators of market health is the median days on market, which halved from 20 days in January 2023 to 10 days in January 2024, showing a 50% decrease. This rapid pace of sales suggests a highly competitive market, with properties moving quickly from listing to closing.
The average days on market also saw an improvement, decreasing from 32 days in January 2023 to 26 days in January 2024, marking an 18.75% reduction. This faster market turnover is a positive sign for sellers, indicating that well-priced homes are attracting buyers more quickly than in the previous year.
Lastly, the list/sold price ratio, which measures the final sale price against the listed price, improved to 100.2% in January 2024, up from 99.1% in January 2023. This 1.1% increase signifies that, on average, homes are selling for slightly above their asking price, further evidence of a competitive market.
The Loudoun County real estate market in January 2024 shows signs of robust demand and competitive conditions, despite a decrease in new listings. With homes selling faster and at or above asking price, the market dynamics favor sellers, albeit with buyers still actively participating. As we move further into the year, these trends will be crucial for both buyers and sellers to monitor, as they navigate the complexities of the real estate market in Loudoun County.