By Heather Elias
There has been so much talk in the national media about the dismal real estate market across the country. Let me be clear about this…you can’t forecast the real estate market on a national level any more than you can create a national weather forecast. All real estate is local, based on supply, demand, and local economic conditions. Here’s how things are looking in Loudoun right now…
That’s three years worth of data for median price. The top line is single family homes, and the bottom line is the combined condo/townhome market. Pretty steady, huh? Median condo/townhome pricing has risen from around $255,000 in April 2009 to roughly $285,000 two years later; by my math that’s an 11 percent increase in two years. Single family homes have gone from $545,000 in April 2009 to about $555,00 now, which is only a two percent gain…but again, this is taking a snapshot across the county, so certain neighborhoods and home types could be outperforming (or underperforming) others. Given the volatility of the market (and the huge drop in home prices) from 2006 to 2008, I’d consider stability or a gain of a couple percent a win. If you are thinking about making a move this year, reach out to a real estate agent and get market data specific to your situation, so that you can make informed decisions.
The most inexpensive home sold in Loudoun County for the month of March was a one bedroom, one bath top floor condo in the Country Club Green community in Leesburg, purchased for $70,000. It was listed (and sold) by Heidi Vargas of Keller Williams Realty in Ashburn.
The most expensive real estate sold in Loudoun in March was a 10,000 square foot Mitchell and Best home on over 13 acres at 19326 Airwell Court in Purcellville. Listed (and sold) by Mary Ann McGowan of Thomas & Talbot Real Estate in Middleburg, the property fetched $1.7 million. The new owners will enjoy the wine cellar, fully equipped theatre, six bedrooms, six full (and three half) baths, four garage bays, upper and lower decks, and stone terraces.