Prices Stabilize As Inventory Remains Low: Loudoun Real Estate Report

LOUDOUN COUNTY, VA — Home prices are beginning to stabilize after months of consistent growth in Loudoun County, according to the June 2023 market report from the Dulles Area Association of Realtors.

Even as prices begin to steady, inventory is still scarce, the report said.

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

“Home prices in Loudoun County seem to be stabilizing, with very miniscule movement to both median list price and sales price this month compared to last June,” Allan Marteney, DAAR’s 2023 President, said in a news release. “And while that price moderation is certainly a welcome sight for prospective homebuyers, the lack of inventory continues to be a major hurdle. Overall, the inventory in Loudoun County is less than half of where it was pre-pandemic, and active listings are down nearly 40 percent year over year.”

In June, the median sales price actually dropped slightly in Loudoun County. The average home sold for $690,000 in June 2023, compared to $695,000 in June 2022. Purcellville saw the steepest decline in sales prices, according to the report.

The number of homes on the market is also slowing down. At the end of June 2023, there were 396 active listing. In June 2022, there were 655 listings on the market when the month ended.

The number of sales in Loudoun County is also declining. There 537 sales in June 2023, a 24 percent drop. The number of pending sales also dropped by 15 percent.

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