Loudoun Real Estate Market Remains Challenging For Buyers: Report

LOUDOUN COUNTY, VA —Loudoun County's real estate market is becoming increasingly competitive, according to the July market report from the Dulles Area Association of Realtors. Experts believe high mortgage rates and low inventory are making decisions more difficult for prospective buyers.

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

Ida Dennis is the 2023 president for the Dulles Area Association of Realtors.

"Low inventory, paired with higher mortgage rates, continues to pose a challenge for the housing market both nationally and here in Loudoun County,” Dennis said in the report. “There’s no question we’ll continue to be in a seller’s market for the foreseeable future as the lack of available homes puts pressure on prices, but certainly buyers have more negotiating power than they did in the height of the market in recent years.”

There were 418 sales throughout Loudoun County in July, a 23.7 percent drop over July 2022's levels. Ashburn and Leesburg's zip codes saw the steepest decline in sales.

Home prices creeped upwards in July. The median home sold for $712,500 in July after dropping slightly in June. Prices grew by 4 percent in July, according to the report.

Prices grew as home inventory plummeted in Loudoun County. There were 377 active listings at the end of July, a 48.4 percent drop from 2022.

More information about Loudoun's real estate market is available on the Realtors association website.