The seller’s market continues to dominate Loudoun County housing market here as the latest numbers roll out for our November 2017 market update. I’ll take you through what’s happening in the county overall, with detached single family homes, and attached townhouses. Want more details? I’m here to help so ask away!
Overall in the county the number of new listings hitting the market in November was down 40.6% from the previous month and 20.3% lower than November 2016. Meanwhile, more homes closed in November than were listed, 467 closings vs 412 new homes, another step in the inventory shortage.
As far as pricing trends, the median sold price for the entire Loudoun County market was up 6.5% in the past year. Dig a little more in to those numbers and you had detached single family homes going up 6.7% and townhouses up 5.3% since November 2016.
Average Sale Price in Loudoun: Detached & Attached TH
When it comes to time on the market, homes continue to move quickly through the system, another advantage for sellers. Overall the Loudoun County housing market had an average for 45 Days On Market (DOM) for November 2017. Breaking that down, detached homes were staying on for 58 days, 8 days quicker than last November, while townhouses went in just 29 days. That’s well below the 5-year November average of 43 DOM for townhouses here in Loudoun.
In regards to supply, the single family home market had a Contract Ratio 8% higher than 5-year November average. That number takes the ratio of pending sales against active listings. As the Contract Ratio lifts it indicates another marker of things going in the seller’s favor. The Contract Ratio for TH’s was just 1% higher last month, so not as strong, but still moving ahead for sellers.
Download A Copy Of Loudoun County Market Report – November 2017
- Nov 2017: Loudoun County Market Report (PDF)
- Nov 2017: Detached Homes Loudoun County Market Report (PDF)
- Nov 2017: 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. Or for a quick examination you can see our home evaluation tool here. For more updates like this be sure to join our Facebook page!