October 2024: Market Indicators Report
Key Market Trends: October 2024
In Loudoun County, home sales continued to rise. As of October, there were 468 home sales across the county, representing a 36% increase from last year, which amounts to an additional 124 sales. Sales activity increased in the Ashburn zip code 20147, which saw 37 more sales than the previous year, equating to a growth of 64.9%. Similarly, the Leesburg zip code20176 experienced a rise of 24 homes sales, a 60.0% increase. However, the Chantilly zip code 20152 experienced the most significant decline in sales this month, with nine fewer sales, reflecting a decrease of 33.3%.
For the third consecutive month, pending sales in the County have increased. In October, there were 428 pending sales throughout the Loudoun County housing market, which represents an increase of 99 pending sales, or 30.1%, compared to the previous year. The local markets that experienced the most significant growth in pending sales were the Ashburn zip code 20147, with an increase of 68.8%, and the Leesburg zip code 20176, with an increase of 33.3%. However, pending sales activity declined in the Sterling zip code 20165, dropping by 29.2%, and in the Purcellville zip code 20132, which saw a decrease of 50.0%.
Home prices in Loudoun County increased this month. The median sales price regionwide reached $725,000 in October, marking a $60,000 increase compared to the same time last year, which is a gain of 9.0%. The most significant price increases were recorded in the Leesburg zip code 20175, which saw a rise of 37.3% (+$234,130), and in the Sterling zip code 20165, which increased 28.9% (+$162,500). Notably, the area that experienced a decline in the median home price was the Leesburg zip code 20176 (-$27,500) compared to last October.
The number of active listings rose slightly from a year ago in the county. There were 489 active listings throughout the Loudoun County footprint at the end of October, 12 more than the previous year, inching up 2.5%. In Chantilly zip code 20152, nine more listings were on the market compared to the end of last October (+100.0%). Sterling zip code 20164 experienced the sharpest decline in active listings at the end of October, with 16 fewer active listings than last year (-35.6%).
