Low Inventory in Loudoun County: A Great Time for Sellers
Are you considering selling your home in Loudoun County? The state of the market in December 2018 indicates that early 2019 could be a great time to list your home.
A report by George Mason University’s Center for Regional Analysis prepared for the Dulles Area Association of Realtors examined the Loudoun County housing market in December 2018 and finds low inventory, declining new and active listings, and elevated prices.
The State of the Market
While real estate markets are usually slow during the month of December, Loudoun County saw the lowest inventory in over a decade during December of 2018. Compared to December of 2017, there was a 12% decrease in active listings in the last month of 2018, with only 786 listings in the county. There was also a 19.7% decrease in closed sales compared to the year prior. Perhaps because of the low inventory, the median price of a home in Loudoun County was slightly higher than the previous year at $475,000.
The 2018 December market indicates that little will change for real estate conditions in early 2019. Because the number of new listings also decreased during the month of December, George Mason predicts that the low inventory will continue into the first part of 2019. They also report that the supply of active homes is 32% below the 5-year average, which suggests that home prices will remain high in the coming months.
What This Means for You
With prices up and few homes on the market in Loudoun County, early 2019 could be a great time to put your home on the market. Given the conditions of the market, you will likely have less competition and more motivated buyers. If you’ve been waiting to put your home on the market, now is the time.
The first step in putting your home on the market is finding the right realtor for you. Schedule a few meetings with local agents, do your research, and make an informed decision about who can best sell your home. After selecting an agent, use these 6 tips to get your home ready to sell. Follow the guidance of your agent, and take advantage of the present seller’s market in Loudoun County!
Experts in Loudoun County
Our team of realtors at CK Realty Group is always available to meet with you for a no-obligation consultation. We can discuss the best strategies for selling your home and help you understand the conditions of the current market. With local Loudoun County agents, we are well-versed in all aspects of the area and are knowledgeable about the best times to buy or sell a home.
Call or email us to schedule your appointment today!