Q3 2020: Market Indicators Report
Click here for the full Q3 2020 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®. DAAR has switched to VR as a new provider of the report after much consideration. In addition to receiving the monthly report, DAAR will be pushing out new statistics at the end of each quarter.
Click here to download supporting graphics.
Key Market Takeaways
- In Loudoun County, economic conditions improved in the 3rd quarter, with the regional unemployment rate falling steadily.
- Consumer confidence in the economy plummeted in August but rebounded again in September.
- Mortgage rates remained at historically low levels throughout the 3rd quarter; rates will likely remain low well into 2021.
Housing Market Conditions
- Sales activity bounced back in the Loudoun County housing market during the summer following a slow spring. There were 2,456 sales in the County in the 3rd quarter, surging up 19% from a year ago.
- Home prices are rising throughout the County. At $556,000, the 3rd quarter median sales price in Loudoun County climbed 8% from last year, a $41,000 gain.
- The inventory of homes for sale in Loudoun County remains persistently low and continues to shrink rapidly. There were 464 active listings at the end of the 3rd quarter, down 55% from a year ago.