This chart reflects a 5 year history of median price levels in Loudoun County. The blue line is for all housing types; but as you see, detached homes (purple), attached homes - i.e. townhomes (pink) and condos (red) have all followed a very similar pattern. For those wondering "Are we at the bottom of the market yet?" I'd say there is clear and convincing evidence that in Loudoun, the prices in our market place bottomed out in the first quarter of 2009, and prices have been moderately climbing since.
Buyers and sellers both need to know: "Are buyers in this market expecting to negotiate down from the asking price, or are the buyers expecting to pay the asking price?" It's an important question. Sellers need to price according to market expectations. Buyers need to know, too, so they are looking at properties in the right price range, and so they know how to present a offer that might be accepted.
The 5 year history shown on this chart reflects the "ORIGINAL list price to sale price" ratio. It demonstrates that when you were buying in 2008, you could probably negotiate a good bit from the listing price. But, in the last couple of years we are seeing far less negotiation on sales prices. Sellers are turning down low ball offers and getting within 5% of their asking price.
But (and there is always a "but"), as the chart below shows, homes that are getting contracts quickly after listing are getting their price, sometimes more (purple); homes going under contract in less than 30 days are also getting very close to their asking price (red, maroon); but the longer the property sits on the market the more that seller is likely to consider a lower offer, or to drop their asking price.
*Please note, all charts on this page are updated on or about the 10th of each month as new statistics are available from our local multiple listing service. So please check back for the most current information.
Interested in learning more? Check out this page on the seasonal trends of Loudoun's Real Estate Market.
You can also learn more about the regional market by checking out the page on Northern Virginia Regional Real Estate Market Stats which also contains information that is updated monthly.
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