The Dulles Area Association of Realtors’s July 2022 Loudoun County Market Indicators Report included signs that home sales are slowing from their fever pace, although prices continue to climb.
“While we’re still looking at a seller’s market, there’s no doubt it’s continuing to soften and become a more even playing field here in Loudoun County,” stated 2022 DAAR President Rich Blessing. “For the fifth month straight, we saw year-over-year inventory gains, with more than a 20 percent increase in homes on the market last month compared to July of last year.”
According to the report there were 548 homessold in Loudoun in July, 323 fewer sales than July last year, as sales have moderated for 11 straight months compared to the busy pace last year. Simultaneously, the supply of houses for sale in Loudoun has continued to grow. There were 731 active listingsat the end of July in Loudoun County, 128 more listings than last year, a 21.2% increase. That marks five straight months that inventory has continued to grow in Loudoun.
Most of the additional listings were in the 20176 Leesburg ZIP code and 20105 Aldie ZIP code.
But prices in Loudoun continue to climb. The median salesprice in July countywide was $685,000, rising $55,000 from a year ago, or 8.7%, slightly ahead of the national Consumer Price Index over that same time period.
“With mortgage rates currently moderating and home sales beginning to stabilize, buyers are feeling some slight relief,” Blessing stated. “As always, whether you’re looking to buy or sell, I highly encourage you to seek out and lean on your local Realtor to help you realize your home ownership goals.”
See the full report and learn more about DAAR at dullesarea.com.