Loudoun County, VA - Real Estate Update - January through April of 2019
Loudoun County, VA is quickly becoming the best known community in Virginia for a lot of reasons. The area which is 521 square miles, has become the tech corridor for the east coast. With upwards of 60 data centers, Loudoun County is a techies dream come true. It is also estimated that 70% of global data passes through the county.
The tech community has boosted local incomes to the highest average income in Virginia. The average Loudoun County income is $134,464. It is also one of the top ten income locations in the United States. The population has risen to 407,000 in the latest 2018 numbers, and with those population numbers comes the need for housing.
The total number of homes sold in Loudoun County, VA January - April 2019
The Loudoun County real estate market saw 3,182 homes sold in the first third of 2019. That's a great number, and it is a 1.2% increase over the same period in 2018, but it is down -1.6% from 2017. Neither number is a cause for concern. There are a lot of factors that influence home sales in the first third of the year, and a 1.2% uptick or a 1.6% downturn over three years in any first third of the year is not uncommon.
Average sales price continues to increase.
The more important numbers are average sale prices. The average sale price for the first four months of 2019 is $529,198. That is a 3% increase over 2019 and a, 8.4% increase over 2017. The average sales price for 2018 was $512,675 and $488,116 for 2017. The average sales price may signal a near future affordability challenge for current and long-time residents. Those moving into the area for the high paid tech jobs may not see the average sales price as a difficulty, but for those who have been local residents for years, or decades, may find those increasing average sales numbers pricing them out of the real estate market.
Inventory continues to be low
Inventories in the area have continued to be low over the past four months. The current inventory of available homes is 2,194, which includes 450 new listings. That number is down from 2018, which was 2,267. That's a -3.2% decline in available homes for sale. That trend has been consistent since 2017 when low inventory numbers began to be a problem.
Combine housing affordability with housing availability and a true housing challenge is born. You can see this effect in the number of homes that are pending. There are currently 462 pending sales in Loudoun County. Here again, that number is down from 2018 and 2017. Compared to the same period 2018 - 2019 pending home sales are down -19%. They are also down -15% when compared to the same period in 2017.
A rise in population and income brings jobs to the area
The rise in population and income in Loudoun County, VA does bring an increase in the need for services, both government and private sector. From construction to food services, the number of workers needed in Loudoun County is pushing the unemployment rate down. The current unemployment rate in Loudoun County, VA is 2.5%. That is a 22% drop in unemployment compared to the first third of 2017, and a 4% drop over 2018.
Population growth, tech growth, income growth along with low unemployment combined with the proximity to Washington, D. C. (45 miles), makes Loudoun County, VA one of the most highly desirable places to live in the mid-Atlantic region. If you're thinking of buying or selling in Loudoun County, VA, give Cornerstone Business Group, Inc., a call. Cornerstone Business Group, Inc., is your Loudoun County, VA real estate sales pro.
This post was originally posted at Active Rain: Loudoun County, VA - Real Estate Update - January through April of 2019 #cornerstonehomesales, #mikecoopersellshomes, #yourloudouncountyhomesalespros.