Slowest April Real Estate Market In 10 Years: Loudoun Realtors Report

LOUDOUN COUNTY, VA — The real estate market in Loudoun County saw its slowest April in 10 years, according to the monthly report from the Dulles Area Association of Realtors. The report showed home prices dropping for only the second time in the last four years.

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

Amanda Brewer is the CEO for the Dulles Area Association of Realtors.

"Elevated mortgage rates and the subsequent lack of inventory continue to put a damper on the spring market as Loudoun County experienced its slowest April market in more than a decade this past month," Brewer said in a news release.

There were 432 home sales in Loudoun County last month, a 33 percent drop from April 2022's market. Ashburn and Leesburg saw the steepest drop off in sales, according to the report.

The median sales price in Loudoun County in April was $698,250, a 3 percent decline. The Realtors association said April 2023 was only the second time in the last four years that home prices decreased when compared to the previous year.

"As many would-be sellers are reluctant to enter the market, the data still shows prospective buyers are out there," Brewer said. "Many homes continue to receive multiple offers, and on average, homes in Loudoun County are still selling over asking."

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