Bottom of the Market, or Statistical Blip?
These charts show the median price of homes for sale in Leesburg, Virginia, separated by zip code and home type. The first chart hones in on what has happened over the last 30 days, while the second chart shows the historical data for the last 180 days. Keep in mind that the ‘condo median price’ includes townhomes as well. What I see when I look at this, is that prices have remained pretty steady since November. We certainly aren’t seeing consistent depreciation like we have seen over the last two years. In fact, if you look at where each segment was in November versus right now, condo/townhome median price in 20175 has increased slightly, and single family prices in both zip codes have held steady. The only dip was in the 20176 condo/townhome median price, which decreased about $25,000 over that time period, but have remained flat since mid-February.
What does this mean for the Leesburg market? Well, not much…yet. Looking at a window of 180 days helps because that is the timeframe that appraisers will look at for closed listings when they put an appraisal value on an under contract home. It’s good that prices are holding steady overall, because that helps guide sellers in pricing their home appropriately, and helps buyers not overpay for a home (or know when they see a good deal!). Whether or not this trend continues, time will tell. Given that inventory is still low, and multiple offers are being seen on many well priced properties, I’m interested to see if the median prices will see some adjustment to match up with buyer demand. I’ll stay optimistic as long as pricing stays steady, and doesn’t decline.