Loudoun County Overview
Loudoun County is among the most popular destinations for prospective homeowners who want to live in a safe area where there are great opportunities for every member of the family. Along with a sterling education system, popular attractions, and delicious eateries, Loudoun County has something to offer for everyone. As the third-most populous county in Virginia, this county has the highest median household income across all U.S. districts with a population that's higher than 65,000. This guide provides you with a comprehensive view of Loudoun County real estate and what you can expect when buying or selling a home.
Current Market Health
In most counties throughout the U.S., the real estate market is healthy for buyers and sellers alike. The same is true for Loudoun County. While December and January typically represent the slowest months for home sales, well over 400 units were sold in the county during each of the two months, which is significantly higher than the number sold the previous year. When looking specifically at home sales in March 2021, exactly 614 homes were sold, which is an increase of five percent over home sales during March 2020.
The main reason that more homes have been sold lately is because of the extremely low-interest rates that have been set by the Federal Reserve. If you're in the market for a new home, now is the time to buy. However, the increased demand by consumers means that now is also a great time to list your property. With so many buyers on the market, you could benefit from competing offers that allow you to sell your home at a price that's higher than the initial listing price.
Because of how quickly homes are being sold, active inventory is somewhat low. Over the past year, active inventory in Loudoun County has decreased by just over 70 percent. As of April 2021, there were 240 homes on the market. In March 2021, homes only remained on the market for an average of 11 days before being sold, which is a decrease of nearly 60 percent when compared to March 2020.
Even though there weren't as many active listings by the end of March, the number of new listings during March 2021 was right around 960, which is only a three percent decrease when compared to the same month last year. The number of pending contracts was also significantly higher in March 2021. In March 2020, around 685 homes were in a contract, which meant that the sale was pending. During the same month this year, more than 900 homes were under contract, which is a 32 percent increase.
What these numbers show you is that the real estate market in Loudoun County is healthier than ever. While you should be able to find the home of your dreams as a buyer, it's important to understand that the Loudoun County real estate market is currently a seller's market. As a buyer, you will likely need to make a high offer if you want the seller to accept. It's likely that competing bids will be placed alongside yours. Despite the higher competition, you should be able to find your dream home with the right real estate agent by your side.
If you're thinking about placing your home on the market, your home appraisal may provide you with a higher value than you anticipated. The increased demand for homes across the Loudoun County real estate market has caused home values to increase significantly. As long as you don't list your home at a much higher price than it's valued at, your home shouldn't remain on the market for too long.
Average Sale Price
The median sale price for a home in Loudoun County was over $575,000, which is an increase of around six percent compared to the same month last year. On the other hand, the median sale price for March 2021 was two percent lower than it was in February 2021. Once you obtain a home appraisal, it's important to understand that you don't need to automatically accept the results. If the appraisal comes in at a lower value than you anticipated, you could request an additional appraisal from someone else.
Things to Do Around Loudoun County
Located just 25 miles away from Washington D.C., Loudoun County has a rich culture that any homeowner is able to benefit from. As mentioned previously, this county has one of the highest median household incomes across the U.S., which is due primarily to the county being known as a fantastic place to live for families. First of all, Loudoun County is considered to be wine country because of the 40 different wineries and tasting rooms that you can find throughout the beautiful slopes and hills that are located in the county.
Along with vintners and barrel tastings, residents of Loudoun County have access to plenty of golf courses, yoga classes, spa treatments, music concerts, grape-stomping events and more. Keep in mind that there are also more than 30 breweries throughout the county that can provide you with some of the most delicious ales in Virginia.
If you want to spend time outside with your friends and family, Loudoun County offers many recreational activities for you to partake in, the primary of which include ziplining, white water rafting on the Potomac River, and hiking along the many trails and parks that are located in the county. Consider stopping by the Banshee Reeks Nature Preserve or Edgar Tillett Memorial Park to see a glimpse of what Loudoun County has to offer.
Schools in Loudoun County
Residents of Loudoun County are served directly by Loudoun County Public Schools, which is the fifth-largest school system in Virginia. When looking at the quality of the school system in Loudoun County, it has the highest ratings for any county in Virginia with an overall Niche grade of A+. Whether you send your child to a public school or private school, you can be confident that they'll receive an exemplary education.
Restaurants in Loudoun County
Another reason that the Loudoun County real estate market has been healthy for many years is because of the variety of restaurants and eateries that are available to county residents. When all you want is a quick bite to eat, the Market Table Bistro and Buford's Biscuits are two of the top-rated cafes and diners in the county. For high-end fare that you can't find anywhere else, Magnolias at the Mill and the Tuscarora Mill Restaurant are among the most popular and oft-visited restaurants in the county. Both of these restaurants specialize in New American cuisine.
Planning to Buy or Sell A Home in Loudoun County?
Whether you're in the market for a new home or would like to list your current property, the Loudoun County real estate market is one of the strongest in the state. Residents of Loudoun County have access to some of the best restaurants, schools, events, attractions, and parks in Virginia, which makes it a highly appealing place to live. Call Kelly Gaitten today at Berkshire Hathaway to get started with the home-selling process. Kelly is a long-time resident of Loudoun County and as a Top Seller award-winning agent at Berkshire Hathaway, she is extremely resourceful and equipped with the local experience required to tackle all of your Loudoun County real estate needs!