Frustrated suburban house hunters in the D.C. area may want to eye Loudoun County, Virginia.
Higher prices and rising mortgage rates are not the real problem holding back homebuyers right now. Home sellers are holding back buyers, with a dearth of homes for sale on the market.
But there are exceptions, and in the D.C. area, that exception is now Loudoun County.
The Dulles Area Association of Realtors reports in the first quarter of 2023, the number of active listings in Loudoun County was up 38% from a year ago — that’s almost double the number of active listings in the county in the first quarter of 2022.
Even so, home sales in Loudoun County were down 31% from a year earlier.
The association said despite the listings, the Loudoun market is off to a slow start, with just 853 homes sold in the first quarter — the lowest number of first quarter sales in Loudoun County in more than a decade.
But prices in Loudoun County are holding up; the median price of what sold in the first quarter was $665,000 — $24,000 more than a year ago or 4% higher year-over-year.
The year-over-year change in selling prices by ZIP code in Loudoun County is below.
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