Real Estate Market

Loudoun’s 2024 Real Estate Market Report

As 2024 comes to a close, the Loudoun County real estate market showcases a blend of resilience and change. With rising home values, competitive buyer demand, and notable shifts in inventory, it’s a dynamic landscape for buyers and sellers. Here’s an in-depth look at the current market.

A Snapshot of December 2024

In December 2024, the market saw significant year-over-year shifts. New listings dropped by 23.89%, falling to just 188 compared to 247 in December 2023. Despite the decline in new inventory, sold listings surged 22.76%, reaching 383 properties. This indicates a strong appetite among buyers, even as fewer homes entered the market.

Home prices also experienced substantial growth:

• The median list price for sold properties increased by 9.25%, rising to $731,950.
• The median sold price followed suit, up 9.13% year-over-year to $735,533.
• Homes are moving quickly, with the median days on market dropping by 25% to just 9 days.

Year-to-Date Trends

For the full year of 2024, Loudoun County saw a 7.71% increase in new listings, totaling 6,094, while sold listings grew 7.16% to 5,000. Median and average prices have steadily risen:

• Median sold price: $740,000, up 7.25% from 2023.
• Average sold price: $839,225, reflecting a 7.79% increase.

However, the average days on market edged up slightly, from 18 days in 2023 to 20 days in 2024, suggesting some properties are taking longer to sell, potentially in higher price brackets or less competitive segments.

Key Market Observations

1. Strong Pricing Trends: Home values continue to appreciate, driven by high demand and limited inventory.
2. Reduced December Listings: The sharp drop in new listings at the end of the year may signal seasonal effects or broader hesitations among sellers.
3. Intense Buyer Competition: Homes are selling above list price on average, with a 101% list-to-sold price ratio for December.

Challenges and Opportunities

While the market remains robust, the decline in December’s new listings points to potential inventory pressures heading into 2025. Higher mortgage rates and economic uncertainty could also temper buyer activity. However, these challenges may create opportunities for buyers who are prepared and sellers with well-priced, market-ready homes.

Looking Ahead to 2025

The Loudoun County real estate market is expected to stay active, but its pace will depend on factors like inventory growth and interest rate trends. Buyers should be ready to navigate competitive conditions, while sellers can continue to leverage strong pricing and demand.

Whether buying or selling, strategic planning will be key in Loudoun County’s evolving market. Stay tuned for more updates as we move into the new year.

The data for this Loudoun County real estate market report is based on a detailed analysis of December 2024 metrics, including new and sold listings, median and average home prices, days on market, and list-to-sold price ratios. These figures reflect both month-to-month and year-over-year changes, providing a comprehensive view of the market’s performance. This information was compiled from local real estate sources and reflects trends across all property types in the region.