Q4 2022: Market Indicators Report
Click here for the full Q4 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 job market slowed down recently. The state had about 2,200 fewer jobs in November, compared to October. Despite this dip, the overall job base in the state is now about 4,500 jobs above pre-pandemic levels, reflecting a robust job recovery over the last couple years.
- The statewide unemployment rate remains very low but inched up for the first time in nearly two years. In November, the unemployment rate was 3% in Virginia, and in the Loudoun County the unemployment rate was 2.5%. Both are up from a year ago.
- Mortgage rates have started to stabilize and trend downward. In the third week of January 2023, the average rate on a 30-year fixed mortgage was 6.15%, which is down from around 7% a few months ago.
Housing Market Conditions
- There were 1,075 homes sold in Loudoun County in the fourth quarter of 2022, which is a 41% reduction in sales from this time last year, or 758 fewer sales. The market has been slowing down in the county for the entirety of 2022.
- Home prices continue to rise through much of the county, though the rate has moderated. At $644,518, the fourth quarter median sales price in the Loudoun County market climbed 5% from the fourth quarter last year, a gain of about $33,000.
- The supply of active listings is growing rapidly across most of the county. There were 353 active listings on the market at the end of the fourth quarter, 157 more listings than a year ago, an 80% jump.