August 2023: Market Indicators Report
Click here for the full August 2023 Loudoun County Market Indicators Report for the Dulles Area Association of REALTORS® by Virginia REALTORS®.
Key Market Trends
Sales activity continues to drop in Loudoun County.
There were 465 sales in the county, 83 fewer sales compared to a year earlier, falling by 15.1%. Ashburn zip code 20148 had the biggest decrease in sales activity with 33 fewer sales than last year (-31.7%). Sales activity increased in both Sterling zip code 20165 (+14.3%) and Leesburg zip code 20176 (+8.8%).
Pending sales down sharply in August, signaling slow fall market ahead.
In Loudoun County, there were 384 pending sales in August, 128 fewer pending sales than the previous year, declining by 25.0%. Leesburg zip code 20176 had 27 fewer pending sales than last year (-42.9%), while Sterling zip code 20165 had 18 fewer pending sales (-36.0%). The number of pending sales went up in Sterling zip code 20164 with four more sales than the year before (+8.0%).
Home prices are down in some local markets in Loudoun County.
The countywide median sales price was $687,000 in August, $22,250 more than last year, which is a 3.3% increase. Prices were up in Chantilly zip code 20152 (+14.5%) and Sterling zip code 20164 (+18.6%). The biggest declines in median price happened in Lovettsville zip code 20180 (-30.4%) and in Sterling zip code 20165 (-17.2%). The median price also fell in Aldie zip code 20105 (-16.7%), and Leesburg zip code 20176 (-6.6%).
Supply continues to get tighter and fewer new listings are coming on the market.
There were 422 active listings at the end of August across Loudoun County, down 34.1% from a year ago, which is 218 fewer listings. There were 556 new listings that came onto the market countywide in August. This is 84 fewer new listings than there were a year ago, representing a 13.1% drop.
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.