Real Estate Report Shows Sales Slowing, Prices Climbing In Loudoun

LOUDOUN COUNTY, VA — Home prices are continuing to rise in Loudoun County as sales slow down, according to a recent report from the Dulles Area Association of Realtors.

The local Realtors group releases a report on a monthly basis detailing the previous months data and comparing it to the previous year. The report released this week featured data from November 2022.

"While it’s not out of the ordinary to see less market activity at this time of year, Loudoun County continued its slowdown in home sales last month due in part to higher mortgage rates and other economic factors. At this point, many may be wondering how long these conditions will last,” 2023 DAAR president Allan Marteney said in a news release. "We’ve already begun to see interest rates fall in recent weeks, and if that trend continues as forecasted, I believe we’ll see more buyers taking advantage of higher inventory levels in the coming months."

In November 2022, home sales slowed by 48 percent compared to last November. There were 329 sales compared to 633 last year.

Even as the number of sales decrease, prices are still climbing. The median home price throughout Loudoun County was $637,500, a 6 percent increase.

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Throughout the state, homes are staying on the market longer. The average home was on the market for 30 days in November, according to the state Realtors association.

"The decreased confidence in the market on both sides of the table will take some to overcome," Virginia Realtors Chief Economist Ryan Price said in a news release. "Consequently, sales activity will likely be sluggish in the coming months. Numerous variables, such as inflation the health of the job market, interest rate trends, and consumer confidence will determine how the market moves in 2023."