Q1 2022: Market Indicators Report
Click here for the full Q1 2022 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
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Key Market Takeaways
- Virginia’s economy continued to improve in early 2022, despite rising inflation and the escalating conflict overseas. Economic conditions are solid in Loudoun County, where the unemployment rate is very low.
- Even as the economy improves, consumer confidence is shaky. In March 2022, the measure of expectations of future economic conditions fell to its lowest level since 2013.
- Mortgage rates are on the rise. In the second week of April, the average 30-year rate hit 5%, the first time it has been at this level in 11 years.
Housing Market Conditions
- There were 1,240 home sales in Loudoun County in the first quarter. Sales activity declined 19% from last year, which is 294 fewer sales.
- Prices in the Loudoun County market continue to rise rapidly. The first quarter median sales price in the county was $641,000, an 11% jump from the first quarter last year, which is a gain of $66,000.
- Supply expanded in Loudoun County but remains very low. There were 257 active listings in the county at the end of the first quarter, 74 more than last year, which is a 40% increase.