Inventory and Median Price Across LoCo

    Here are some charts that compare market behavior for Sterling, Ashburn, Leesburg, and Purcellville. The ‘Condo’ charts include townhomes and condos, and the other charts are single family homes only. First, let’s take a look at the median price for condos and townhomes…looks like Leesburg and Ashburn are holding steady, with a slight dip in Sterling. That huge jump for Purcellville that happened at the end of February? Well, there aren’t that many townhomes for sale in Purcellville, and it must have been a few of the more expensive ones that sold in that timeframe.

    Condo/Townhome Median Price

    For single family homes, Ashburn, Leesburg, and Purcellville are generally holding steady since the beginning of March. Sterling, however, saw a significant jump up in median price in the last two weeks, a signal that the upper price brackets of the market are now seeing some movement.

    Single Family Homes Median Price

    In looking at the inventory for condos and townhomes as well as single family homes, what jumps out at me is the dip in inventory in Sterling. Looks like there was quite a bit of buyer activity there in the last two weeks, both in the condo/townhome market and single family homes. Both Leesburg and Ashburn have had the same small uptick in inventory during that timeframe.

    Condo/Townhome Inventory
    Condo/Townhome Inventory
    Single Family Home Inventory
    Single Family Home Inventory

    I’m interested to watch what happens with our inventory numbers in Loudoun County in the coming weeks; the average days on market is starting to trend down to match up with the lack of available listings. Tighter inventory is already bringing multiple offers in some areas of the county; and has also brought a stabilization of prices. Time will tell if this is a blip or a lasting trend.

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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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