For this week at Western LoCo Stats, let’s look at what median price is doing in western Loudoun. The orange lines are median price for single family homes in the different towns, while the black line is the combined condo/townhome market. These charts go back several years, so you can get a good feel for the overall trend line. Keep in mind that the condo/townhome market in all these towns is pretty small, so big fluctuations in median price isn’t uncommon because of the small number of homes we are working with.
Starting in 2007, we can see that Western Loudoun was still in a gentle median price decline for single family homes, continuing into 2009. Hamilton’s median home price has been decently stable since July of 2009, while Purcellville and Lovettsville continued to drop until January of this year, but have since stabilized. Round Hill, on the other hand, has seen small fluctuations since basically bottoming in the spring of 2008.
I’m hoping the price stability continues through the winter, and we will see a typical uptick of about 5% for the spring market. Time will tell; and I will certainly keep monitoring the statistics. Stay tuned.