Leesburg, VA is a small community on the western side of Loudoun County, VA. It is a community of 49,496. The real estate market is influenced by its eastern neighbors in Ashburn and Sterling, VA. The average home sale in 2018 was $530,652. That is consistent across the more eastern communities of Loudoun County.
Leesburg, VA Home Sales: Average Sales Price
Leesburg, VA home sales were down slightly in 2018. The total number of sales was 1,469. The previous year, 2017, was 1591 and 2016 was 1606. The 2017-2018 drop was a whopping 7.7%. The drop from 2016 to 2018 was 8.5%. What's the cause? It would be hard to speculate at this early stage, but the lack of inventory from mid-2016 to early 2018 is most likely the primary cause.
The good news for Leesburg, VA home sales is the value of homes sold. The average home price did increase in value from year to year for the past three years. In 2016, the average home sale was $491,410. The average sale price climbed 3.6% in 2017 to $508,910, and the average sale price went up again in 2018 to $530,652.
Leesburg, VA Home Sales: Distressed Properties 2018
The Leesburg, VA real estate market has seen a consistent decline in distressed property sales for the past three years. Distressed properties are made up of short sales and foreclosures. In 2018, the total number of distressed properties in the Leesburg, VA home sales were 37, or 2.5%. That was down from 4% in 2017 and 5.5% in 2016.
Overall, the Leesburg, VA home sales market is strong. Prices are up, distressed properties are down, days on the market have declined, but the nagging number of sales may be worth watching the first quarter of 2019. When you're ready to buy or sell in the Leesburg, VA real estate market, give Cornerstone Business Group, Inc. a call. We are your local real estate sales pros.