July 2019 Loudoun County Market Trends Report: Prices Up, Unit Sales Increasing, Markets Continue to Tighten
- The median price of homes sold in Loudoun County in July 2019 increased 8.5% compared to July 2018. Month over year price gains were stronger for attached dwellings with a 7.0 percent gain than detached homes at 3.4% increase in median prices compared to July 2018.
- Active listings continue to decline both month over month and month over year. Total inventories of for-sale homes declined by 4.4 percent since June 2019 and 13.5 percent since July of 2018. The decrease in active listings since last summer (July 2018) is about the same for attached and detached homes. The long run decline in inventory in Loudoun County continues with implications for prices and number of units sold.
- July closed sales dropped from June 2019 slightly with 747 total units sold in July 2019, which represented a slight uptick compared to July 2018 (734 units closed). New pending sales saw a nice increase compared to July 2018 reaching 659 units in July of this year. Pending sales dropped by 12.5% in July compared to June 2019, reflecting fairly normal seasonal patterns.
- County averages for Days-On-Market (DOM) for homes sold was 38 in July 2019, down from 58 in July 2018. Note that Bright MLS has changed their method of calculated days-on-market, so comparisons with previous reports may not be possible.
- Most submarkets saw month over year median price increases for homes sold with especially strong gains in Round Hill (20141) at 19.3 percent, Ashburn (20147) at 15.8 percent, and Chantilly (20152) at 11.8 percent. Sterling (20164) and Ashburn (20148) both showed notable drops in the number of units sold in July 2019 compared to July 2018.
For more information, read the full report.