MID-SUMMER MARKET UPDATE IN NORTHERN VIRGINIA
Key Market Trends
Sales activity slowed down modestly in the Loudoun County housing market in July.
There were 856 sales across the county in July, 7 fewer sales than a year ago, which is a 0.8% decline. This is the first year-over-year slowdown in the Loudoun County housing market since June of last year. While sales were slower this month compared to a year ago, market activity continue to outpace pre-pandemic levels, up 6.5% from July 2019. The biggest slowdown in sales occurred in Leesburg zip code 20175 (-17.7%) and Sterling zip code 20164 (-16.1%). Sales activity was strong in Sterling zip code 20165 (+21.5%) and Ashburn zip code 20147 (+15.2%).
Pending sales were down for just the second time in more than a year.
There were 794 pending sales in Loudoun County in July, 10 fewer than a year ago, a modest 1.2% decrease. At the local level the sharpest slowdown in pending sales activity occurred in Purcellville zip code 20132 (-30.3%), Sterling zip code 20165 (-28.8%), and Leesburg zip code 20176 (-23.4%). Pending sales activity expanded this month in Ashburn zip code 20147 (+27.3%) and Chantilly zip code 20152 (+18.6%) compared to last July.
Home prices continue to climb throughout most of the county.
At $626,363, the July median sales price in Loudoun County rose 11.3% from last year, which is a gain of over $63,000. Aldie zip code 20105 had the sharpest price growth in the county this month, surging up 26% from last July, a jump of $162,500. Price growth was also strong in Sterling zip code 20164 (+21.4%).
Supply in the Loudoun County market continues to get smaller, but the rate of decline has moderated.
There were 584 active listings in Loudoun County at the end of July, 44 fewer listings than last year, which is a 7% decrease. A total of 1,130 new listings came onto the market in the county in July, 102 more than a year ago (+9.9%).