Q2 2022: Market Indicators Report
Click here for the full Q2 2022 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
Key Market Takeaways
- Virginia’s job market continues to recover from the pandemic-related losses. The state added 6,600 jobs between April and May and is now about 42,200 jobs short of pre-pandemic levels. Most of the growth this month was in the Leisure and Hospitality sector.
- Despite growing economic uncertainty and rising inflation, unemployment remains very low. In May, the unemployment rate was 3% statewide, and 2.5% in Loudoun County.
- Mortgage rates are on the rise but have dipped from a month ago. In the third week of July, the average 30-year rate was 5.54%, up from the prior week, but down from the end of June when it was 5.7%.
Housing Market Conditions
- There were 2,067 homes sold in the Loudoun County market in the second quarter. This is a 24% drop from the second quarter a year ago, which is 649 fewer sales. The market has been cooling in the area for four straight quarters.
- Prices are surging in the Loudoun County housing market even as sales activity is slowing. The countywide median sales price was $705,000 in the second quarter, jumping up 11% from a year ago, a gain of $70,000.
- There was a huge increase in supply in Loudoun County this quarter. There were 655 active listings across the county at the end of the second quarter, 263 more listings than last year. This is the largest inventory build up in the county in seven years.