Loudoun Real Estate Market Sees Record Low Sales: Realtors Report

LOUDOUN COUNTY, VA — The real estate market in Loudoun County is slowing to record low levels, according to the January market report from the Dulles Area Association of Realtors. The report showed the number of sales reaching its lowest levels in eight years, while sale prices continued to climb.

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

Allan Marteney is the current president of the Dulles Area Association of Realtors. "While Virginia as a whole saw its slowest January market in eight years, here in Loudoun County a record low 196 sales were recorded this past month," Marteney said in a news release.

The 196 home sales represents a 33 percent drop over the previous year. Leesburg, Ashburn, and Sterling saw the steepest decline in activity, according to the report.

"And though this might seem alarming, this rebalancing of the market can be expected following the frenzy of the past few years," Marteney said. "For buyers, this means more negotiating power as homes sit on the market longer, while sellers can expect stability in home values."

Even as the number of sales declined and the number of homes on the market increased, sale prices continued to soar. The median sale price was $658,457, an increase of $68,457 over last January. Aldie's 20105 zip code saw a 133 percent increase in sale prices, the steepest rise in the county.

The number of active listings in Loudoun County has doubled. There were 324 active listings at the end of January. Leesburg and Sterling saw the largest rise in active listings.

More information about the Realtors Association report can be found online.