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Loudoun County Real Estate Market Report for Jul7 2020
Dated: September 2 2020
Click the video link to listen to Kim Barber share insights into the July 2020 Loudoun County Real Estate Market. This covers the areas ranging from Sterling real estate market, Ashburn and Leesburg real estate market and Purcellville to the Western Loudoun Counties including Waterford, out to Bluemont and Middleburg areas.
Sales continue to be lower than same time last year which is the trend since 2016.
Single family detached homes are showing the highest level of declined sales. Less inventory in this area means less sales. And on the contrast, there was a 2.4% increase in townhome and condo sales.
Compare to June real estate sales in our Loudoun County housing market, pending sales have increased which is very typical for the summer market season. As well, with CoVid-19 being a lesser concern, our inventory did increase from prior months which has lead to the increase in pending sales. We are up 15% from 2019 with 860 pending sales and this is likely due to people holding off on the sales and buys caused by CoVid-19.
The median sales prices have increased 8.5% since 2019. The July 2019 median sales price was $519,000 vs the $563,000 median sales price in July 2020.
Median sales price rises for the 15th consecutive month. The highest place we see this growth is in the single family market. This is very typical in Loudoun County where single family detached has outpaced condos. Townhomes, often seen as more affordable, often pushes the highest volume of sales.
Overall inventory increases in new listings offers hope for the buyer market.
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