Loudoun County, VA Housing Market Sees Rising Prices and Strong Activity

Dated: May 22 2024

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The housing market in Loudoun County, VA continues to show strength and growth, with the average home value reaching $763,046 as of March 31, 2024, a 5.9% year-over-year increase. The county, located just outside Washington D.C., is known for its high quality of life, excellent schools, and proximity to major employment centers, making it an attractive destination for homebuyers.

According to the latest data, the Loudoun County housing market is experiencing:

  • Steady sales activity, with 437 homes sold as of March 31, 2024
  • Robust new listings, with 283 properties coming onto the market
  • A competitive market, with a median sale to list price ratio of 102%
  • Rising prices, with the median sale price growing from $641,667 in February 2020 to $777,267 in March 2024, a 41.1% increase over the period

Across the county, cities and towns are seeing strong home values, with Hamilton topping the list at a median ZHV of $830,242. Leesburg, the county seat, follows closely behind at $803,967. Purcellville, Round Hill, and Middleburg all see median home values in the $800K range as well, speaking to the consistently high desirability and pricing across Loudoun County.

Looking at specific areas, the market update reports for Leesburg, 20175, and Tavistock Farms highlight similar trends of rising prices and steady activity, even in more localized markets:

  • In Leesburg VA, the average list price reached $927K, with 411 active listings and 118 new listings as of May 2024, representing a 22.2% reduction over the previous period. 
  • The 20175 zip code saw an average list price of $874K, with 165 active listings and 50 new as of May 2024.
  • Tavistock Farms, while a smaller market, still recorded an average list price of $655K, up significantly from around $500K in December 2023.

Overall, the data paints a picture of a robust and competitive housing market in Loudoun County, driven by the area's strong fundamentals, including its proximity to Washington D.C., high quality of life, and excellent schools. With prices continuing to rise and inventory remaining tight, the Loudoun County market looks poised to remain strong in the near term.

People Also Ask

What is the housing market outlook for Northern Virginia?

Housing in Northern Virginia, close to Washington, D.C., is notably pricey, with median list prices surpassing $800,000 in various areas like Arlington County, Fairfax County, and Alexandria. The main factor behind the high cost of housing in Virginia, as well as other places, is the insufficient construction of new housing.

Why is Loudoun County so popular?

Presently, Loudoun County boasts a thriving population of over 400,000 individuals. It's renowned for its picturesque landscapes, vibrant history, diverse array of growing business prospects, inviting communities, and top-notch public services.

Is it a good time to buy a house in Virginia now?

The months from March to June are the best time to buy a house in Virginia. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

Is Northern Virginia a good place to invest in real estate?

Are you interested in purchasing an investment property? Northern Virginia presents numerous excellent options for real estate investments! It provides fantastic opportunities in areas with a storied past, quaint small-town appeal, and tight-knit communities.

“Loudoun County, VA Housing Market: 2024 Home Prices and Trends | Zillow.” Zillow, www.zillow.com/home-values/1887/loudoun-county-va.

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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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