December 2019 Loudoun County Market Trends Report: December Inventory Lowest in Over a Decade

Overview

  • The median sales price of sold homes in Loudoun County increased to $513,000, the highest median sales price of sold homes in the county in at least a decade. The largest year-over-year increases in the median prices of sold homes occurred in Sterling (20164) where the median price of sold homes increased 40.3% from December 2018 to December 2019.
  • Closed sales in Loudoun County increased year-over-year in December for the first time since 2016. The number of closed sales in Loudoun County increased 23.5% from 375 in December 2018 to 463 in December 2019.
  • While the decline in the number of closed sales reversed course in December, the number of new pending sales continued to decline. The number of new pending sales declined year-over-year in December for the third straight year. New pending sales decreased 13.7% from 336 in December 2018 to 290 in December 2019.
  • While the number of new listings in Loudoun County increased 4.2% from 313 in December 2018 to 326 in December 2019, the number of active listings continued to decline. The number of active listings in Loudoun County declined 26.0% from 786 active listings in December 2018 to just 582 in December 2019. The year-over-year decline was the fifth consecutive decline in the number of active listings. Furthermore, the number of active listings in December was the fewest active listings in at least a decade.
  • Given the historically low inventory, increases in the number of closed sales in the coming months seems unlikely.
  • The tight inventory has coincided with decade-high records in the average Sales-Price to Original-List-Price (SP to OLP) ratio. The average SP to OLP ratio increased from 98.2% in December 2018 to 98.7% in December 2019. Sterling (20164) recorded an SP to OLP ratio over 100%.
  • In addition to record SP to OLP ratios, the tight inventory has also driven the median Days on Market (DOM) to record lows. The median DOM for sold homes in Loudoun County was just 16 days in December 2019, the fewest days in at least a decade.

For more information, read the full report.