Home Prices Decrease For First Time In 4 Years, Sales Slow Down: Loudoun Market Report

LOUDOUN COUNTY, VA — The median sale price decreased for homes in Loudoun County in December 2022, according to a report from the Dulles Area Association of Realtors. It's the first time average home prices have decreased in 4 years.

The Realtors' association market report compared market indicators from December 2022 with the same measurements in December 2021.

The median home price in December 2022 was $620,000, a 0.8 percent decrease from 2021's prices.

Allan Marteney is the president of the Dulles Area Association of Realtors.

"Just like many experts have predicted, we’re beginning to see prices level off across the country, as well as right here in Loudoun County," Marteney said in a news release. "For the first time in nearly four years, home prices in the county saw a slight price decrease this month compared to last December, albeit a modest 0.8 percent drop."

While prices dropped, so did the number of sales throughout the county. There were 332 sales in Loudoun County in December, a 39 percent drop from the previous year. Ashburn, Sterling, and Chantilly saw the steepest drop in sales.

As the number of sales decreased, the number of homes on the market grew. On Dec. 31, there were 353 active real estate listing in Loudoun County, an 80 percent increase. Sterling, Leesburg, and Aldie had the largest increase in active listings, according to the report.

“In addition to thawing home prices, mortgage rates have continued to soften as well, getting us one step closer to a ‘normal’ market," Marteney said.

The full real estate market report is available on the Dulles Area Association of Realtors' website.