Any working real estate professional in Loudoun County is going to nod their head in agreement when looking at these charts; the real life ‘boots on the pavement’ experience is matching up for certain with what we see on these charts. Ashburn condos and townhomes are definitely selling as fast as they are coming on the market! Before I get ahead of myself, though, let’s take a peek at median price, first…
Single Family Home Median Price
Pretty easy to see what is happening here.. Clearly, median home prices appear to have bottomed in March through May, and have gained steadily since then. Whether this is temporary or a sign of a true bottom? Time will tell. For now, if you are thinking about buying or selling a single family home in Ashburn, the market is now being labeled “stabilized” and not “declining” by appraisers.
Condo and Townhome Median Price by Quartile
What’s a quartile? It looks at each quarter of the market, so that we can pinpoint if one price bracket is performing differently than another. From looking at condos and townhomes in Ashburn, it looks like all four quartiles are performing similarly..and we aren’t seeing an uptick in pricing, right now.
New and Absorbed Single Family Listings
The black line is new listings, and the orange line is listings absorbed. So when the orange is above the black, homes are selling faster than new listings are replenishing the inventory. This was the case from November of last year through until March of this year. Absorbed listings started outpacing new listings again in June, so inventory has tightened up a bit since then. The spike upwards in absorbed listings the beginning of May coincides with the uptick in median price too..laws of supply and demand, in action.
New and Absorbed Condo and Townhome Listings
The orange and black lines have been pretty evenly matched up since March for condos and townhomes, which is probably why we aren’t seeing an uptick in prices right now. The inventory level feels low to me from acting as a buyer’s agent, so I’ll be watching to see how the median price behaves over the short term.
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