How Much Home for $400K in LoCo, Feb. 2016

Last week we wrote about the lack of listings on the market and as we take a closer at what you can buy for $400,000 today in LoCo it continues to be true. Normally we can expect between 100 and 200 active homes for sale in this price range. As of this morning only 72 of the 850 total homes currently on the market fall in this price range (excluding new construction). Let’s take a look:

• Ashburn: 13 homes. As you might expect, no single family homes are available here but there are three condos. Eleven of these homes have 3 bedrooms, the other two are in Loudoun Valley Estates and have four. The average days on market for the townhomes is 18, compared to a whopping 121 for the condos.
• Leesburg: 16 homes. Eight single family homes, including one in historic downtown built in the 1860’s. On average these homes are on a two tenths of an acre, have 4 bedrooms, and 2.5 baths with 1639 square feet. There are six townhomes and two condos also available, all but one were built after 2001. You’ll get 220 more square feet but one less bedroom and every listing has a least one garage space.
• Sterling: 13 homes. Interesting dynamics to the market when Sterling has fewer single family homes available than Leesburg. Four of the five on the market are in Sterling Park and all of those have been listed for two weeks or less. They have between 3 and 5 bedrooms and at least 2.5 baths. Of the eight town homes for sale half were listed in the last week. As you might expect, 3 bedrooms and 2.5 baths are standard and all but two have at least 1700 square feet
• South Riding: 11 homes. All 11 of these are townhomes with 3 bedrooms, 2.5 baths, and just over 2200 square feet. Everything was built in the last 20 years and 7 of the 11 have two car garages.
• The Rest: 19 homes. 9 of these are townhomes in Aldie and Chantilly very similar to what’s available in South Riding. The remainder are single family homes in Lovettsville, Purcellville, and Round Hill with 2-6 bedrooms and anywhere from .17 to 4.1 acres.

If purchasing a home is on your agenda, here’s a useful post to answer some questions about what to expect when you are buying. For our market, quick action is critical to securing your home of choice. Even this early in the year we are seeing multiple offers and short days on market. How do you combat that? Sign-up for instant updates and receive emails with the information on homes you want immediately.

Whether you are buying today, next month, next year, or just need to figure out your options, we’re here to help. Feel free to reach out to us at Team@LoCoMusings.com, or call or text 571-233-5495. Happy house hunting!

Cheers,
Mike