It's time for your quarterly update for the Lucketts Land region north of Leesburg, VA! But, as usual for these updates, I also like to highlight something that makes this area such a great place to live. And this quarter, I'm shining the spotlight on Bleu Frog Vineyard! Beautiful venue, great wines, and live music every weekend! And just a mile north of Leesburg, it's a super easy location to get to!
The indoor tasting room is a gorgeous barn style room with vaulted ceilings and a loft area. If the weather is nice, most folks will hang outside on the decks or out on the grounds. But, in inclement weather, there is plenty of room indoors and they have a loft area with additional seating and they will have their musician serenading the crowd from the balcony!
No, the photo below is not of a picture on the wall. It's a window to the world! Be sure to check out the video to get a closer look!
Rook (Mike) Richards made a short appearance this time around. I include a short clip of him playing from the loft area in the video below! Rook actually recently signed a record label out of Nashville! He plays all over the DC area and is out at Bleu Frog quite a lot! Be sure to check out their music calendar on their website!
They are very dog friendly (short clip of Charlie in the video below hanging with the staff!!), and it's a perfect place to spend an afternoon. We recently celebrated a neighbors birthday on a Friday afternoon with a little Rosè all day! It's not as bad as it looks, I swear! There were a lot of people!!
Real Estate Trends for Q1 2023
As for the Loudoun Real Estate Trends 2023 (Q1)... let's take a look at how the current conditions compare to the same quarter, Q1, last year. Only nine homes sold in Q1 of 2023 in the Lucketts Land area. Historically, that's not a lot compared to pre-pandemic, early 2020 and 2019. But, it is two more than 2022! Interest rates have certainly been the biggest impact in home sales at this point.
And speaking of interest rates, I know a lot of people think that rates in the 6% range are high. But, my husband and I bought our first home in 1999 shortly after we got married. Guess what our rate was? Almost 6.5%!!! We refinanced just a few years later as rates came back down. But, if we had waited, our home value would have been much higher, because, in general, home values continue to increase. And as inflation rises, so will home prices! It is very possible (and likely) that we will not see mortgage rates in the 2%-3% range ever again... or least not for many decades. If you're hoping for rates to get back to those levels again, you will be waiting a very long time. 30 year Rates will likely level out somewhere between the 5-6% range. at some point, we may see dips below 4%, and if that happens, that's when you refinance. But, waiting to buy your dream home in hopes of getting a good rate today is not a great strategy.
Back to local numbers, yes, the number of homes sold in Q1 was low, but Q2 is here and we're seeing activity pick up. Historically, Q2 always sees the most homes sold as summer kicks into gear. Below is the 10 year look back by Quarter at total homes sold in the 20176 region. You can see that Q1 is typically the lowest time of year for people to sell a home.
But, inventories are still incredibly low. The chart below shows the ten year look back, and you can see that listings have picked back up a little bit, but are still incredible low. The tail at the end is the down swing going from Q4 to Q1, so, hopefully we see an up swing going into Q2. Compare to ten years ago, we are seeing a quarter of the volume.
And prices are trending right along with this. In the chart below you can that as we saw a slight increase in Inventory, we see a decrease in median homes sold. The blue line is detached single family homes, while the orange line are attached homes, like Townhomes and condos.
If you are looking for specific information for your neighborhood, send me an email or give me a call! It only takes me a few minutes to pull numbers together for you and I'm happy to help out.
As always, if you are thinking of buying or selling, give me a call! I'd love to put all my knowledge, energy and resources to work for you!
Be sure to check out my Lucketts Land community page for details on the neighborhoods in this area and other great things to do around here!
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