Loudoun County “Data Center Alley” is the world's largest concentration in data centers. Loudoun County has ranked amongst the Richest counties in the U.S. and with the highest average household income.
As a Loudoun County Realtor and a resident for over 2 decades, I have seen the population soar. Its proximity to D.C. and the Dulles high-tech corridor has attracted families and prospects that want work-life balance.
In 2020 the Loudoun county housing market could not keep up with the strong demand.
While working with new construction home builders in Aldie, Leesburg and Ashburn almost felt like 2005 when my home buyers have to register for that 1 home site to be released. Some builders opted for the lottery system. Forgot about incentives. The attitude among new home sales was to take it or leave it what the builder was offering. The construction delivery time frame was well into 2021.
Loudoun county resale homes were selling faster and for a higher percentage compared to our neighboring Fairfax County home. Working from home and Loudoun offers newer homes that could be a reason why Loudoun real estate did stronger than Fairfax county.
The high demand for townhomes, single-family homes, and condos was the same through-out 2020. First time home buyers with a low downpayment or weak contract could not withstand the fast pace of the market. Low-interest rates pushed house hunters to increase their budget and this trigged a rapid increase in home prices.
The common expectation on an offers submitted on a home I list in Loudoun County is: buyers will waive the home inspection, appraisal contingency, financing contingency, and an escalation addendum along with other terms that would help them win the home.
The rental market was equally strong but the prices did not push as high as the home sales in our area.
Reflecting back here is a snapshot of the highest and lowest housing market of Loudoun county:
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