As we send the children off for the new school year we thought it was time to take a look at the beginning of the fall market. As the chart below displays, median price for single family, condominiums, and townhomes in Loudoun are at a two year high. This represents a 14% increase in single family home median price and a 21% increase in condo/ town home median price versus August 2010.
Although inventory has increased substantially since the spring, compared to a year ago single family home inventory has dropped 18% while condo/ town home inventory has dropped 24%.
Since the early spring, the graph shows a 40% drop in days on market for both single family homes and condo/ town homes.