Q3 2022: Market Indicators Report
Click here for the full Q3 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 expand. The state added 16,700 jobs between July and August and is now only about 5,300 jobs short of pre-pandemic levels. Most of the growth continues to be in the Leisure and Hospitality sector.
- The unemployment rate remains very low. In August, the unemployment rate was 3.2% in Virginia and was 2.6% in Loudoun County. Both are down from a year ago.
- Mortgage rates climbed rapidly over the past month. In the second week of October, the average rate on a 30-year fixed mortgage rose to 6.92%, up from 6.02% a month ago.
Housing Market Conditions
- There were 1,568 home sales in Loudoun County during the third quarter of 2022. This is 856 fewer sales than this time last year, which is a 35% drop. The housing market has been slowing down in the county for five straight quarters.
- Home prices continue to climb across the county. The third quarter median sales price in Loudoun County was $660,000, rising 7% from a year ago, which is a $45,000 gain.
- Inventory continues to build up in the Loudoun County housing market. There were 660 active listings on the market at the end of the third quarter, 110 more listings than a year ago, a 20% increase.