Latest real estate stats for Loudoun County are in for the second quarter of 2022, and reflect what we have been seeing in our local market, namely a slowdown in sales activity when compared to the frenetic situation a year ago, when buyers struggled to compete and sellers were receiving multiple offers with few or no contingencies.
Make no mistake, these figures do not suggest that we are in a down market, far from it; we are now seeing a more 'normal' situation where buyers are able once again to do their proper due diligence and ensure that they are getting what they're paying for.
In fact, the median selling price is UP by 11% YOY while average days on market are, albeit fractionally, lower YOY.
This week, I took an out of state client to view five properties which I had scheduled to show a week before, and all five were still actively for sale. Great news for buyers who need to plan ahead!
Mortgage rates have been on the rise, but in recent weeks we have seen those not only stabilizing, but falling back slightly. Depending on who you ask, a 30 year fixed rate jumbo loan over $642,200 is in the 5% region however various lenders can offer portfolio loans for less, usually with the borrower paying a point or so. Below that $642,200, rates are hovering around the 6.4% mark.
Click on the image above for the full report, and contact yours truly for more information.
Peter has written for his local magazines, Country Zest & Style and Middleburg Life as their Wine contributor. He also enjoys writing blogs on interesting and pertinent real estate matters, so please follow!