March 2023: Market Indicators Report
Click here for the full March 2023 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
Key Market Trends
Sales activity continues to moderate in Loudoun County.
There were 376 sales in the county during the month of March, 203 fewer sales than last year, a 35.1% decrease. The markets where sales declined the most were in Ashburn zip code 20148 with 48 fewer sales (-49.5%) and Leesburg zip code 20176 down 28 sales from a year ago (-42.4%). Sterling zip code 20164 saw sales go up this month with 6 more sales than last March (+18.2%).
Pending sales activity continues to be sluggish.
In March, there were 461 pending sales across the county, 192 fewer pending sales than the previous year, a 29.4% drop off. Ashburn zip code 20148 had 29 fewer pending sales (-28.2%) and Chantilly zip code 20152 was down 24 pending sales from the year prior (-46.2%). Lovettsville zip code 20180 was the only local market in the county to have an uptick in pending sales this month (+50.0%), 6 additional pending sales compared to last March.
Home prices continue to climb in most local markets in the county.
The countywide median sales price in March was $720,000, up 5.9% from a year ago, an increase of $40,000. Median prices saw the biggest growth in Aldie zip code 20105 up $215,000 (+29.5%) and in Leesburg zip code 20176 with a gain of $187,500 from last year (+31.4%). The biggest price drops happened in Purcellville zip code 20132 (-11.3%) and Sterling zip code 20165 (-5.3%).
The number of active listings is building up in Loudoun County even as fewer new listings are coming on the market.
In the Loudoun County housing market, there were 355 active listings at the end of March, 98 more listings than a year ago, a 38.1% increase. Ashburn zip code 20147 experienced the sharpest rise in listings with 29 more listings (+131.8%) followed by Leesburg zip code 20176 with 26 additional listings (+136.8%). There were 627 new listings in March across the county, 211 fewer new listings than this time last year (-25.2%).
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.