Sales Decline, Realtors See Reason For Optimism In Loudoun Real Estate

LOUDOUN COUNTY, VA — Home sales continued to decline in Loudoun County in August, according to the latest market report from the Dulles Area Association of Realtors. Experts said there will still reasons for optimism as sales continued to slow.

The Realtors association releases a market report each month that compares the month's sales activity to the same month a year ago. The August 2023 report compares market indicators from the area to data from August 2022.

Ida Dennis is the 2023 president for the Dulles Area Association of Realtors.

“This summer, we saw many would-be buyers sitting on the sidelines, waiting to see lower mortgage interest rates, lower prices and higher inventory levels,” Dennis said. “And while sales were still down compared to last August, a 15.1 percent decrease is quite a bit less than what we’ve seen throughout the spring and summer, which is a welcomed sign of improvement.

In August 2023, there were 465 sales across Loudoun County, a 15 percent decrease from 2022. Ashburn zip code 20148 saw the steepest decline in sales, a 32 percent drop.

Home prices continued to rise across Loudoun County. The median sales price was $687,000, a 3.3 percent increase. Some zip codes saw declines in home prices, according to the report. The medians sales price dropped in portions of Lovettsville, Leesburg, Sterling, and Aldie.

Real estate inventory remained scarce throughout Loudoun County. At the end of August, there were 422 homes on the market. On Aug. 31, 2022, there were 640 homes on the market.

“As Realtors further educate consumers regarding the current market, we may begin to see more buyers re-enter the market this fall with adjusted expectations of a new normal," Dennis said.

The full real estate market report is available online.