The Loudoun County housing market is starting out strong for 2018 with a spike in new listings and new pending (under contract) homes compared to last month’s data.
This January there were 586 new homes on the market, a big jump from just 333 last month. This was also an increase over January a year ago by 13%. It’s no surprise then to see the number of homes going under contract also increasing by 21.4% over last month, up to 436. But with the low inventory last month that also meant fewer closings trailing that in January. Only 317 home closed last month, but with the jump in contracts, we should see that correct next month.
Median sold price dropped just a bit to $450,000 this month, but that number includes all home types. Breaking that out for detached homes gives us a slight increase of 0.3% up to $612,500. Then for townhouses, the median sold price stayed level with $415,000.
January 2018 Avg Sale Price: Detached & Attached TH
Overall the inventory remains very low right now in Loudoun County. There were just 877 active and available homes in January 2018 compared to the 5-year January average of 1,173. This was the lowest January inventory in five years.
That also means the Days on Mark (DOM) had an unsurprising drop for the month with just 64 days compared to the 5-yr average of 67 for January. This is an increase over 42 DOM the month before. More options for buyers are giving them a little more time to find the right home. However, it remains that homes in the right condition and priced competitively will still go quickly.
Want to read more of the specifics and details on the housing market here in Loudoun? Grab a free copy of the report below. No sign-up required, just click to download.
Download A Copy Of Loudoun County Market Report – January 2018
- Jan 2018: Loudoun County Market Report (PDF)
- Jan 2018: Detached Homes Loudoun County Market Report (PDF)
- Jan 2018: Townhouse Homes Loudoun County Market Report (PDF)
Ready to find out what your home is worth on the market? I’d be happy to do a deeper dive of the numbers for your neighborhood and your home in particular. In addition, for a quick examination you can see our home evaluation tool here. For more updates like this be sure to join our Facebook page!
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