How Much Home for $500K in LoCo, Sept 2014

It’s been a while since we wrote about what you can get for your money in LoCo so let’s take a look. On May 21st there were 1346 total homes on the market with 84 in the $500,000 price range. Today, if you are searching in the $500,000 price point, you have 119 of the 1706 total homes currently on the market from which to choose. (As shown in the multiple listing service, excluding new construction.) Let’s take a look…

• Ashburn: 38 homes. Twenty-three of these are townhomes, including eleven in Brambleton. Most townhomes here offer 3 bedrooms, 3.5 baths, and just under 2700 square feet. Back in May the average days on market was 18, today it’s up to 44 and there are only 4 townhomes under contract in this range. The four single family homes average 4 bedrooms, 3.5 baths, and have any between 1700 and 2900 square feet. Just over half are in Ashburn Farm or Ashburn Village, and as we are seeing throughout LoCo the average days on market is up to 63.
• Leesburg: 31 homes. Just the opposite of Ashburn, only five townhomes here with three in Lansdowne. As you might expect there is a little more bang for your buck, 4 bedrooms, 3.5 baths, and 2850 square feet. It’s amazing to us there is only one townhome under contract in this price range. The twenty-six single family homes also offer 4 bedrooms and 3.5 baths, but do so with only 2450 square feet on the upper levels. It’s stunning there are only 5 single family homes under contract here.
• Sterling: 20 homes. Five townhomes in Cascades and Lowes Island featuring 3 bedrooms, 2 full and 2 half baths and 2400 square feet. The fifteen single family homes are about 30 years old, have 4 bedrooms, 3.5 baths and are situated on half an acre. Right now  the average days on market is up to 76.
• The rest: 30 homes. Six townhomes, all near South Riding. You’ll have 3 bedrooms, 3.5 baths, over 3100 square feet and a two car garage. Nineteen of the twenty-four single family homes are at least 10 years old, including two over 100 years old. One of those is in Aldie, an historic colonial built in 1785 that has been begging for a renovation for over three years.

Last year was all about a lack of inventory with sellers firmly in control. This year has been the total opposite, buyers have many more options from which to choose while still being able to take advantage of great rates. Even if you aren’t thinking of buying any time soon you should read our post about what to expect when you are buying. It’s packed with information and can really help you understand the process. If you are in the market, one way to stay on top of it is by signing up for instant updates to receive emails with the information on homes in your target area.

Whether you are buying today, next month, next year, or just need to figure out your options, we’re here to help. You can fill out this form to set an appointment. Or, feel free to reach out to us at Team@LoCoMusings.com, or call or text 571-233-5495. Happy house hunting!

Cheers,
Mike

Here’s a sampling of what’s available today:

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