Q2 2023: Market Indicators Report
Click here for the full Q2 2023 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
Key Market Takeaways
- Virginia’s job base continues to expand, which generates demand for housing. There were approximately 6,900 jobs added to Virginia’s economy between April and May 2023.
- The statewide unemployment rate in Virginia was 2.7% in May 2023 (not seasonally adjusted), which is down from 2.9% a year ago. In Loudoun County, the unemployment rate was 2.4% in May, down from 2.5% a year ago.
- Mortgage rates continue to fluctuate widely. In the third week of July 2023, the average rate on a 30-year fixed mortgage was 6.78%, which is down from 6.96% the week prior.
Housing Market Conditions
- Sales activity continues to trend slower than last year in the Loudoun County housing market. There were 1,479 homes sold across the county in the second quarter, down 28% from last year.
- The median sales price inched down 1% in Loudoun County in the second quarter to $700,000, a $5,000 drop. While the countywide median price dipped, prices in the local markets continued to climb this quarter.
- There were 396 active listings on the market in Loudoun County at the end of the second quarter, 259 fewer listings than a year ago, which is a 40% drop. This is the first time that active listings have declined in the county since the fall of 2021.