Loudoun County, VA 3rd Quarter Real Estate Market Update – 2017
How does the Loudoun County, VA 3rd quarter real estate market compare to previous quarters? You’ll need a little history lesson to see how the current market compares to previous quarters. In 2004, I was in my first class leading to my real estate salesperson license in Virginia. The country was still recovering from the last recession. Home prices were steady and were moving up. It was a good time to enter the real estate field.
The instructor for my class was in the Loudoun County, VA real estate market and he made a statement that I remember to this day. He said, “The local real estate market is insulated from recessions.” What? How could that be? He wasn’t 100% correct, but he wasn’t too far off.
When the national real estate market collapsed in 2008-2009, Loudoun County, VA took a hit like most markets, but the recovery time was faster than many markets. The numbers tell the story.
Loudoun County, VA Real Estate Market: Where it has been
In 2007, the Loudoun County, VA real estate market had 1316 real estate sales in the third quarter. The average home sale price was $545,211. The average days on the market was 87. Distressed property sales made up 5% of the market, and from an outsiders view, it was a healthy market.
After the recession took full effect in 2009, the Loudoun County, VA real estate market took a sizable shift. In 2009, there were 1527 sales, but that number is more of a reflection of the type of properties for sale and not a sign of a robust market.
The average home sale dropped to $395,218. For homeowners trying to sell their homes, that was a 28% drop in the average sales price. That event alone, put a lot of homeowners underwater. The days on the market actually declined to 61, but here again, that is most likely because of the type of sales. Distressed properties, which include short sales and foreclosures, made up 39% of all sales in the third quarter of 2009.
Loudoun County, VA Real Estate Market: Where are the numbers today?
The numbers from 2009 seem so far away as you look at the Loudoun County, VA 3rd quarter real estate market in 2017. Home prices have mostly recovered at an average sales price of $512,128 today. The days on the market have declined to an average of 36 and distressed properties are down to 3.5%. That is almost a negligible number.
Over the past five years, the Loudoun County, VA real estate market has seen consistent progress. The numbers have stayed in a tight pattern showing that the market has found stability and good incremental health.
Loudoun County, VA 3rd Quarter Real Estate Market Update – Stability and growth
From 2013 to 2017, the Loudoun County, VA real estate market has sustained 7% growth in the third quarter. Over those five years, the market has increased four out of fives years at increments between 2.4% – 4.5%. Where the real change is seen is from the down days of the recession in 2009 to the current third quarter market.
When you compare the struggle of 2009 third quarter to the current market, housing prices have increased 23%. Considering the market lost of 28% in 2009 third quarter, the market is nearly back to where it was in 2007-2008. As an investment, real estate markets tend to be resilient.
Loudoun County, VA homeowners and home-buyers can sell or buy with confidence today because the market is healthy and stable. When you’re ready to sell your Loudoun County, VA home, or when you’re ready to buy a Loudoun County, VA home, give Cornerstone Business Group, Inc., a call. We are your local real estate sales pros.