This year marks 26 years with my ride or die. Like any couple, we've had our ups and downs. But as we approach our third decade of marital bliss, I count myself one lucky girl to have this guy by my side. Happy Anniversary to my Tiger King!
In Real Estate News...
Fall isn't necessarily "busy season" for Realtors in the DC-Metro area, but I personally have purchased or sold my own three homes during the fall and winter months and I know it can be a convenient time for families to move, since there is typically vacation available toward year end.
My husband and I (pictured with our kids and dog, Maggie May, many years ago) bought our FIRST home in 1999, in Reston, VA, off Lake Anne. Five years and two kids later, we sold our townhome, for more than double our purchase price, and moved to Leesburg. In 2014, around Thanksgiving, we moved (again!) to a bigger home in Raspberry Falls. Each of our moves was an exercise in managed chaos, offering me insight and empathy for my clients during their real estate adventures!
Below, I've got stats for the Loudoun County residential housing market, plus a few links to active listings in our brokerage. Please reach out if you have any questions!
Cheers,
Loudoun County Housing Market Statistics Thru Q3 2024
How's the market? It all depends!!! Below are six factors impacting housing sales for you to consider:
INVENTORY - The number of units sold year-to-date in Loudoun has increased by 3.5%
PRICING - The average sales price of all homes sold has increased by almost 7% as compared to this time last year
DAYS ON MARKET - The average days on market for homes sold has decreased from 18 days to 16 days. I personally believe well-priced homes typically go under contract in 10-days or less.
MORTGAGE RATES - Freddie Mac reported that mortgage rates surged last week, rising to their highest level since early September. The average rate on a 30-year fixed rate mortgage was 6.32%, up 20 basis points from a week earlier, the biggest one-week increase since April. More details about this can be found here
INFLATION - The U.S. Bureau of Labor Statistics reported last week that inflation as measured by the change in the Consumer Price Index fell to 2.4% in September, the lowest level since February 2021. The CPI increased 0.2% on a seasonally-adjusted basis between August and September. With the inflation rate making meaningful progress toward the Fed’s 2% target, the central bank has shifted its attention to the labor market. Some signs of weaker labor market conditions in August (e.g., a dip in hiring rates and an increase in the number of long-term unemployed) were key reasons the Fed cut interest rates by a half percentage point in September.
JOBS - Last week's Employment Situation report showed that the U.S. economy added 254,000 jobs in September, far exceeding analysts’ expectations. The unemployment rate dipped slightly to 4.1%. Overall, current employment data indicate that the labor market remains very strong. But there are mixed signals in the economy. Job seekers are having a harder time finding work, as the hiring rate has ticked down. The number of long-term unemployed—that is, people unemployed for six months or more--has been on the rise. And consumer confidence fell sharply in September, with more people saying they are worried about the job market.
So... What does all of this economic data mean for prospective homebuyers and sellers this fall? Will mortgage rates come down further? There are other trends in the labor market that could impact the housing market in the coming months. As the balance in the labor market shifts from workers to employers, we may see more employees being called back into the office. Amazon announced its return-to-the-office policy last month and it is likely that more companies will follow suit. There could be less housing demand, and falling home prices, in far-flung housing markets that boomed during the pandemic. Local markets closer to large employment centers could see an increase in demand if more workers are required to be at the office five days a week.
Homes to Tour This Weekend
I'll be hosting an OPEN HOUSE this Saturday, from 2-4 pm, at 43289 Heavenly Circle (see below), which will have a price reduction before the OPEN. I recently toured 18035 Raven Rocks Road, a winery listing of my colleague's, and found the views to be spectacular! If you're curious about these properties or homes near yours, please check out the "view more listings" button below, to see what is on the market.
More Fabulous Listings
Pop Culture Moments
This month, explore the mainstream trends shaping the real estate, art, and fashion markets. Uncover the most sought-after properties among Gen Z, immerse yourself in Gothic Revival architecture, visit an up-and-coming fashion capital, and delve into the expanding market for celebrity collectibles.
Gothic Revival: The Architectural Style Inspiring Tim Burton
The striking 19th-century style defining many of Burton’s films and TV shows needn’t be ghostly.
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This young generation looks for spectacular properties that fit their digitally native lives.
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