How Long Depends on How Much

    …but not the way you’d think.

    So we know that days on market dropped in Loudoun since spring, but is there a difference in time on market based on price?  The first chart below looks at single family homes, and the second chart looks at the combined condo/townhome market. Each is divided into quartiles: the black line is the top 25% of homes by median price, the orange line is the second 25%, the green is third 25%, and the blue is the least expensive 25%.

    What I find interesting is that the least expensive quartile of single family homes are on market has an average days on market higher than all but the most expensive single family homes.  Perhaps there are more short sales in that price point, and the typically higher days on market for those homes is skewing the statistics a little?  The same thing may be happening in the condo/townhome market, as the bottom half of the market by median price are on market for just slightly longer than the upper half.  There isn’t a tremendous difference in number of days on market in the condos/townhomes, but there isn’t a huge difference in price between the quartiles, either (compared to the difference in single family home prices per quartile, anyway).

    As always, if you want to see charts and numbers that are specific to your neighborhood and home type, you can fill out a short form and I will email a custom report to you. (No spam, I promise).


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    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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