Big Gains in Western LoCo this Summer

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Last week we examined the summer markets in Ashburn, Leesburg, and Sterling. Now it’s time to finish up our review with Western LoCo. The market is always a little different here, many older homes and lots of acreage properties. Let’s take a look…

In the last sixty days, 109 single family homes have sold, a 30% jump compared to 2012. Not only have the total number of sales increased, the average price has jumped 16.5% to $528,433. That price gain was despite 12 short sales, 4 more than the same time frame last year. The average home here had 4 bedrooms, 3.5 baths and was on the market for 72 days. Always interesting to see the top seller in each market, for Western LoCo that was “Wildwood”. A 117 acre retreat overlooking the Blue Ridge Mountains, the new owners paid $1,087,750 for a remodeled 1960’s contemporary home with just under 4000 square feet of finished space.

There aren’t many places to buy townhomes in the western part of the county, so we typically don’t see much activity. Since there is such a big difference in age and total square footage for various neighborhoods, we’ll focus on them individually. Purcellville Ridge had three sales which gained nearly 8% in average sale price to $336,667. The Villages of Round Hill also had three sales, two more than a year ago. For a 1500 square foot home here the average sales price was $262,333. Main Street Village (in Purcellville) had two sales at  an average price of $$253,500, a 13% increase over the previous year.

Trying to figure it all out? We usually see a drop in days on market when there is such a substantial increase in volume, but that hasn’t been the case this summer. Buyers have continued to be patient, while sellers have seen a healthy increase in value year over year.

If you are considering making a move, the first step is finding out what your home is worth. It’s simple, register for our home value report and we will quickly deliver it to your inbox! (Live outside of Western LoCo, but still curious about home values? That’s fine, you can register, too.) If you are thinking about buying in Western LoCo, we can help with that as well; sign up here to receive all the new listings in this neighborhood.

Cheers,
Mike

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About our blog

Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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