Loudoun County housing data is out for February 2018 and the big thing we’re continuing to see this month is the low inventory. The spring buyer traffic is picking up, but low inventory is generating a lot of challenges for buyers while sellers are definitely enjoying an advantage in the market.
Homes are going quickly, especially when priced well and in the right condition. Looking across the county we saw average Days on Market for February at just 51 days versus the 5-yr February average at 69 days. In some neighborhoods, like Lansdowne in Leesburg, the average DOM was just 3 days. And that’s not just happening in Lansdowne. Many homes in the area are going under contract in a matter of days if not before they ever hit the market. Having an agent that can network the behind-the-scenes market can make the difference in you finding that elusive home you’re hoping to find!
For that supply of homes, Loudoun saw just 868 active listings in February, compared to 1,067 a year ago and 1,227 for the 5-year average in February. It’s a tight market out there so make sure you’ve got an agent prepared to find and fight for you!
There’s also a lot happening with home prices. Loudoun saw a 6.1% increase in all home prices for the median sold price from February 2017 to 2018. The average sold price to original listing price also held steady at 98.1% this February versus 98.2% last year in February. That means the likelihood of lowballing homes and finding success isn’t too good unless the home hasn’t been well priced.
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 – February 2018
- Feb 2018: Loudoun County Market Report (PDF)
- Feb 2018: Detached Homes Loudoun County Market Report (PDF)
- Feb 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. Can’t wait to get searching? Check out my local search site www.buywithboyer.com for the latest, up to date, home search results. For more updates like this be sure to join our Facebook page!