Loudoun Real Estate Report Shows 'Shift Toward Balanced Market'

LOUDOUN COUNTY, VA — The real estate market is continuing to cool off in Loudoun County, according to the Dulles Area Association of Realtors' August market report.

The report showed that the number of sales continued to fall, even as prices and supply grew.

Rich Blessing is the president of the Dulles Area Association of Realtors. "We are beginning to shift towards a balanced market, which we haven't seen in multiple years," Blessing said in a news release. "For the first time since February 2020, the median sales price came in below the median list price in Loudoun County this month."

Blessing noted that the shifting market is not a cause for concern.

"Although rising interest rates are playing a factor, the data indicates a healthier and more stable market," Blessing said.

In August, the realtors association recorded 548 sales in August, a 33 percent decrease over 2021's market. Sales have now been falling in the area for 12 consecutive quarters, according to the report.

Despite the decrease in the number of sales, the supply of homes and their prices are continuing to grow.

The median sales price in August was 664,750, an 8 percent increase over August 2021. The steepest price increases were in Lovettsville and Sterling, the market report said.

There were 640 active real estate listing across Loudoun County at the end of August. Inventory has increased for six consecutive months now.

Detailed information about the Dulles Area Association of Realtors market report for August 2022is available online.