Home Prices Still Rising As Sales Remain Sluggish: Loudoun Report

LOUDOUN COUNTY, VA — Home prices are still rising as the real estate market remains sluggish, the May market report from the Dulles Area Association of Realtors said.

The number of listings and sales are continuing to decrease over 2022 numbers, even as the market enters the summer months.

Experts said the scarce inventory is forcing prospective home buyers to spend more for their homes.

"As we head into the summer months, tight inventory, mortgage rates, and continually rising prices are still heavily at play, making it quite challenging for many would-be homebuyers,” 2023 DAAR President Allan Marteney said in a news release. “Because there is less than a month of inventory available here in the county, properties continue to receive multiple offers, in turn driving the prices upward.”

The Realtors association releases a market report each month that compares the month's sales activity to the same month a year ago. The May 2023 report compares market indicators from the area to data from May 2022.

In May, median home prices rose by 1.4 percent to $710,000. Leesburg, Purcellville, and Chantilly had the steepest increase in median prices.

Last month, there were 510 home sales throughout Loudoun County. In May 2022, there were 718 sales around the county. Ashburn and Leesburg saw the steepest dip in the number of sales, while Lovettsville noted a 40 percent increase in sales.

The number of listings remains low in Loudoun County, creating a more competitive market for buyers. There were 347 active listings in Loudoun County at the end of may, a 25 percent drop over 2022's level.

More information about the real estate market in Loudoun County is available on the Realtors association website