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Steady Gains Tell Leesburg’s Real Estate Story

Beautiful luxury homes

Yesterday we reviewed the summer market for Ashburn, today let’s have a peek at how Leesburg has fared over the past two months.

Since June 29 there have been 192 non-new construction single family home sales in Leesburg . The average listing had 4 bedrooms, 3.5 bathrooms, spent 35 days on the market (DOM), and was priced at $534,210. This represents a slight jump over last summer, where the list price was $524,600 and DOM was 58. Only 17 sales were distressed properties (foreclosures or short sales), versus 25 of 166 during the same time frame in 2012. An interesting tidbit, five homes sold for more than a $1 million this year, compared to ten last year. If we exclude the million dollar listings from consideration, there is a 12% increase in average price year over year.

Townhome sales saw similar movement in the sellers favor, as the list price grew to $389,621 from $372,297. Continuing the trend we are seeing across the county, foreclosures and short sales were down to 6 of 92 total sales this summer in comparison with 14 of the 84 sales in 2012 . River Creek boasted the top selling townhome, a 3910 square foot, 3 bedroom, 4.5 bath beauty overlooking the Potomac River which sold for $1,050,000. That’s actually $9,000 less than last summer’s top seller, another River Creek gem with 4471 square feet, 4 bedrooms, and 5.5 baths.

So many numbers, but what do they all mean for you? Despite an increase in interest rates, homes in Leesburg are selling for more money and in less time than a year ago. The data suggests things are in the seller’s favor at the moment, but every transaction is unique. Prepared buyers are still able to get what they want without overpaying as the lessons of 2006-2007 are still fresh in our minds.

If you are considering making a move, the first step is finding out what your home is worth. It’s simple, register for our home value report and we will quickly deliver it to your inbox! (Live outside of Leesburg, but still curious about home values? That’s fine, you can register, too.) If you are thinking about buying in Leesburg, we can help with that as well; sign up here to receive all the new listings in this neighborhood.

Cheers,
Mike

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About our blog

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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