Real estate might be bad shape in other areas of the county but not in Loudoun County.
And... No...it is not a buyer's market. We are often contacted by folks who want to know where the bargains are...where they can buy a house for 75% of market value.
I usually say that central Florida looks good right now.
The market is actually very balanced between buyers and sellers at the moment, with each having about the same amount of negotiating power.
As you can see from the graphs below, this year homes are selling in less than 86 days on average at between 93% and 97% of seller's original list price (OLP).
And that is the average for ALL home types, styles and condition.
So when you set out to buy a Loudoun County home, be realistic and be mentally prepared to operate within local conditions.
We are not Florida, Michigan, California or Nevada. We have half the national unemployment rate and the area continues to attract residents from all over the world in droves.Loudoun is ranked #5 in fastest growing US counties having expanded 77% since year 2000.
It is not unusual for there to be multiple offers on correctly priced Loudoun homes in great condition, especially in the $350k and under bracket in the spring and summer markets.
Brambleton in Loudoun county sold 400 new construction units so far this year and new home construction is having a banner sales year all over Northern Virginia.
The market bottomed in 1st quarter 2009 and has been trending up since .....with seasonal price fluctuations...high in summer, lower in winter.
Will the trend stay up? No one truly knows. As a home buyer, all you can do is evaluate your personal economic and family situation over the next 4 to 5 years and check the current and historical market statistics. Then make the rent versus buy decision based on the information you have gathered. That is all any one can do.
Check out the data below and stop by monthly for updates.
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