May 2022: Market Indicators Report
Click here for the full May 2022 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
Key Market Trends
Sales activity continues to cool in the Loudoun County housing market.
There were 718 home sales across the county in May, 147 fewer sales than last year, which is a 17.0% decline. Sales activity has been trending down for nine straight months in the county compared to the busy pace last year. At the local level, the sharpest drop occurred in Lovettsville zip code 20180 (-47.4%), Purcellville zip code 20132 (-25.6%), and Ashburn zip code 20147 (-21.9%). Aldie zip code 20105 was the only local market to have an increase in sales activity compared to last May (+12.9%).
Sharp drop in pending sales in Loudoun County, market slowdown underway.
There were 713 pending sales throughout the county in May, 223 fewer pending sales than last year, which is a 23.8% decrease from last year. The Loudoun County housing market has been moderating since last summer. At the local level Leesburg zip code 20176 had 43 fewer pending sales (-34.4%) and Sterling zip code 20165 had 26 fewer pending sales than last May (-28.6%).
Home prices continue to climb rapidly amid market slowdown, reflect tight inventory conditions.
The median sales price in Loudoun County in May was $699,950, rising 11.1% from a year ago, which is a gain of $69,950. Most local markets in the county continue to experience strong upward pressure on home prices. The largest price gains this month were in Lovettsville zip code 20180 (+22.3%), Aldie zip code 20105 (+19.8%), and Sterling zip code 20165 (+13.1%).
Inventory continues to build up as market cools down, however, supply levels are still tight.
There were 464 active listings in Loudoun County at the end of May, 186 more listings than a year ago, which is a 66.9% jump in supply. This is the third straight month of inventory gains in the county as market activity has slowed down.
Data Note: The housing market data for all jurisdictions in Virginia was re-benchmarked in November 2021. Please note that Market Indicator Reports released prior to November 2021 were produced using the prior data vintage and may not tie to reports that use the current data set for some metrics. We recommend using the current reports for historical comparative analysis.