Is the Loudoun County Housing Market Still Hot? A June 2024 Update

Dated: June 21 2024

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The real estate market in Leesburg, Tavistock Farms, and the 20175 zip code is dynamic as of June 2024. Whether you're a homebuyer, seller, or investor, understanding the latest trends is key to making informed decisions. In this comprehensive market report, we dive into the key statistics and insights you need to know.

Highlights:

  • Loudoun County has remained a seller's market since May 2023, with the median sold price increasing by 5.3% year-over-year to $702,715.
  • Leesburg is seeing a more balanced market with a stable average list price of $940K.
  • Tavistock Farms is firmly in a seller's market with a $734K average list price and only 1 recent sale.
  • The 20175 zip code has a high $1.01M average list price, 42 homes sold, and a significant 113% increase in active listings year-over-year.
  • Advice for buyers: Move quickly on fairly priced homes, consider new construction & be flexible.
  • Tips for sellers: Price competitively, invest in staging & marketing, offer buyer incentives.
  • Investor insights: Consider Leesburg for better cash flow, target value-add properties.

Loudoun County Market Overview

The Loudoun County real estate market has favored sellers since May 2023, with prices trending higher and homes selling faster. However, recent data suggests a potential shift towards a more balanced market.

Key Statistics for May 2024:

  • Median Sold Price: $702,715 (5.3% increase year-over-year)
  • Median Price Per Square Foot: $276
  • Homes for Sale: 1,374 (19.6% increase from April 2024)
  • Homes Sold: 295 (22.4% decrease from April 2024)
  • Average Sale Time: 9 days (19.8% decrease year-over-year)
  • Sale-to-List Price Ratio: 61% of homes sold above asking price

While the increase in homes for sale in May 2024 could signal a move towards a more balanced market, the continued rise in median sold price and the high percentage of homes selling above asking price indicate that sellers still hold a strong advantage in Loudoun County.

Leesburg Market Overview

The Leesburg market is experiencing a transition towards a more balanced state compared to neighboring areas, with key indicators showing both seller strength and increasing buyer opportunities.

Key Statistics for the Last 30 Days:

  • Average List Price: $940K (1.6% increase since January 2024)
  • Homes Sold: 89
  • Active Listings: 449 (12.7% year-over-year increase, 288.9% increase since January 2024)
  • New Listings: 131 (120.9% increase since January 2024)
  • Average Sale Price: $793K
  • Price Per Square Foot: $281
  • Most Expensive Listing: 7 beds, 7 baths, 15.7k sqft for $6.299M

The substantial increase in active listings and new listings indicates a growing inventory, potentially offering buyers more options. However, the slight increase in average list price and the continued demand for well-priced homes under $1 million suggest that sellers still maintain some leverage in the market.

Tavistock Farms Submarket Trends

The luxury Tavistock Farms submarket remains firmly in favor of sellers, characterized by high demand and extremely limited inventory.

Key Statistics for the Last 30 Days:

  • Average List Price: $734K (4.6% increase since January 2024)
  • Homes Sold: 1
  • Active Listings: 6 (81.4% increase since January 2024)
  • New Listings: 4
  • Sold Prices Ranging From: $663K to $930K

The scarcity of available homes and the recent sale prices indicate a strong seller's market in Tavistock Farms. Buyers in this submarket face intense competition and should be prepared for a potentially extended search.

20175 Zip Code (Leesburg) Market Pulse

The 20175 zip code remains a hot seller's market, commanding some of the highest prices and strong demand in the region. However, a notable increase in active listings suggests a potential shift in market dynamics. In the last 30 days, the area recorded:

Key Statistics for the Last 30 Days:

  • Average List Price: $1.01M
  • Homes Sold: 42
  • Active Listings: 178 (113.0% increase year-over-year)
  • New Listings: 56
  • Price Range: $316K to $6.30M
  • Most Expensive Listing: 7 beds, 7 baths, 15.7k sqft for $6.299M

While sellers currently hold the advantage in this zip code, the substantial increase in active listings indicates that more inventory is becoming available. This could create more opportunities for buyers and potentially moderate price growth in the future.

Advice for Buyers

To navigate the competitive but evolving Northern Virginia market, buyers should:

  • Get pre-approved and be ready to act fast on fairly priced properties
  • Consider new construction and off-market listings to avoid bidding wars
  • Focus on areas with relatively more inventory like Leesburg
  • Be willing to compromise on non-essential criteria given limited options

Tips for Sellers

While sellers have the upper hand, proper positioning is still crucial. To optimize results, sellers should:

  • Work with an experienced agent to price competitively based on recent sales
  • Invest in professional photos, staging & marketing to stand out
  • Complete any deferred maintenance or value-add updates before listing
  • Consider offering buyer incentives like closing cost credits

Investor Insights

Though price appreciation is moderating, Northern Virginia remains a fundamentally attractive market for investors due to high incomes, limited housing supply, and proximity to DC job centers. Opportunities are most promising in:

  • Leesburg, where cash flow potential is better
  • Value-add properties in need of renovation
  • Emerging submarkets in the path of development & population growth

As always, investors should carefully evaluate property-level fundamentals and run detailed pro formas in the context of their individual risk tolerance and return objectives.

Conclusion

The Northern Virginia real estate market is currently fluctuating, with different trends in various areas. Loudoun County remains a seller's market overall, but some areas like Leesburg are shifting towards a more balanced market. The 20175 ZIP code still favors sellers but is seeing an increase in new listings that might change market dynamics. Tavistock Farms is a strong seller's market due to limited inventory and high demand.

Understanding these market trends is essential for buyers, sellers, and investors to make informed decisions. Whether timing a purchase, pricing a property strategically, or identifying investment opportunities, staying updated on the latest developments is crucial for navigating the evolving Northern Virginia real estate landscape.

Work with the Kim Barber Group to Seize Opportunities in the Northern Virginia Real Estate Market

As a top 1% real estate team nationally with over 20 years of experience guiding clients to success in Loudoun County and the surrounding areas, the Kim Barber Group combines unparalleled local market expertise with a passion for helping people achieve their real estate dreams. Our team is dedicated to providing the insightful advice and personalized service you need, whether you're buying your ideal home, selling for top dollar, or seeking a smart real estate investment.

We constantly monitor and analyze market trends, from the county level down to specific submarkets like Leesburg, Tavistock Farms, and the 20175 zip code. By understanding the unique dynamics at play in each area, we can help you make strategic decisions to optimize your outcome in this complex market environment.

So if you're looking to make a move in the Northern Virginia real estate market, rely on the Kim Barber Group for expert guidance at every step. Get in touch with us today through the following channels to start connecting with us right away:

  • Call us at 703-997-5705 to discuss your real estate goals.
  • Email us at this link to schedule a personalized consultation and explore your options.
  • Visit our blog at Kim Barber Group Blog for more insights and tips on navigating the Northern Virginia real estate market.
  • Follow us on LinkedIn at kimbarberva to stay informed about market trends and opportunities.

The Northern Virginia market is full of possibilities for buyers, sellers, and investors right now. Contact the Kim Barber Group today, and together we'll map out a winning strategy to get you where you want to be.

Let's navigate the NoVa housing market together and achieve your real estate goals now!

People Also Ask

How do I research my local housing market?

To conduct a real estate market analysis, start by gaining a comprehensive understanding of the broader market. Next, examine historical data and trends. Research the specific neighborhoods and available amenities. Analyze economic shifts affecting the market and determine current demand levels. Finally, identify and compare similar properties.

How long do most houses stay on the market?

In the U.S., sellers typically spend about six months preparing their homes for sale, followed by around 25 days on the market, and then an additional 30 to 45 days for the closing process.

What month do homes sell the fastest?

Nationally, March is the best month to sell a house quickly, while July is the best for maximizing profit. Zillow suggests listing your home in March, but no later than Labor Day, according to historical market trends.

How can I get a market analysis of my home?

You can review lists of recently sold homes or obtain a report from a local real estate agent, who may then try to solicit your business. Alternatively, you can buy a CMA report from sites like ushomevalue.com.

How do you find and analyze real estate deals?

A step-by-step guide to analyzing real estate investment deals includes: first, defining your investment goals; second, conducting market research and analysis; third, identifying and evaluating potential properties; fourth, performing financial analysis; fifth, conducting due diligence; and finally, considering the drawbacks and risks.

Arthur, Meredith. “When Is the Best Time to Sell a House?” Zillow, 25 Aug. 2023, www.zillow.com/learn/best-time-to-sell.

Loudoun County, Virginia Housing Market Report May 2024 - RocketHomes. www.rockethomes.com/real-estate-trends/va/loudoun-county?type=buyer.

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Kim Barber

Buyers - Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. When making the type of investmen....

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