May 2021: Market Indicators Report
Click here for the full May 2021 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
Key Market Trends
Spring market relatively busy in Loudoun County compared to prior years; however, activity slowed from April signaling a possible cool down.
There were 849 home sales in Loudoun County in May, a 55.5% spike in activity from last year. The large increase from last May is not surprising given the dramatic market slowdown caused by COVID-19 a year ago. At the local level, the strongest sales growth this month occurred in Ashburn zip code 20147 and Chantilly zip code 20152 which both had more than double the number of sales than a year ago. While sales activity this month was strong, there is some evidence of a cooling market. The typical spring sales bump between April and May did not occur, as sales declined by 3.1% from last month. As a reference point, during pre-pandemic times, sales jumped up 31.5% between April 2019 and May 2019.
Prices are surging in Loudoun County; May median sales price more than $104K higher than last year.
At $630,000, the May median sales price in Loudoun County jumped up 19.9% from last year, a gain of $104,500. This is the largest price increase in the county’s housing market in more than six years. The tight inventory is causing prices to rise rapidly in all local markets. The sharpest median price gains this month occurred in Ashburn zip code 20148 (+$207,000) and Purcellville zip code 20132 (+$150,000).
Inventory remains tight; however, new listings rose for the 2nd straight month providing more options for eager buyers.
There were just 310 active listings on the market in Loudoun County at the end of May, less than half the inventory level a year ago (-56.8%). There was an influx of 167 new listings in May in the county (+19.4% from last year), which is a positive sign for buyers.