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Today, we bring you a luxury market update for all of Loudoun County, focusing on homes priced above $1.4 million for November 2024. Here's what you need to know:
Right now, we have 83 active and coming soon listings in this price range across Loudoun County. Just 30 days ago, that number was 100—a reduction of about 20% in available inventory.
Under contract and pending sales also saw a slight decrease. Currently, there are 23 homes under contract, compared to 30 homes 30 days ago. As for closed sales, 27 homes closed in the past 30 days, down from 32 in the previous period.
The average days on market is around 22 days. This means homes in this price range are moving quickly, with many going under contract in less than a week, depending on pricing and condition.
Here's some great news for sellers: 70% of homes sold at or above their asking price. That’s an impressive statistic for luxury homes priced at $1.4 million and above!
Western Loudoun County Market Insights
Let’s take a closer look at Western Loudoun County, covering towns west of Leesburg. These areas make up about half of the luxury market activity:
- Active and Coming Soon Listings: 39 homes (down from 49 homes 30 days ago)
- Under Contract and Pending Sales: 6 homes (compared to 10 homes 30 days ago)
- Closed Sales: 3 homes (down from 9 homes in the previous period)
Remarkably, all homes sold in Western Loudoun during this period closed at or above their asking price—another strong indicator of a healthy luxury market.
As we move into the holiday season, it’s natural to see a slight decline in inventory as sellers focus on festivities. However, this can also be a great time to list your property with less competition on the market.
If you’re thinking about selling your home in the luxury price range, reach out to me. I’m Diana Geremia, a Real Estate Agent with Long & Foster, and I’d love to help you navigate this dynamic market and position your home for success.
Happy Thanksgiving! Don’t forget to subscribe to stay updated on the latest luxury real estate trends in Loudoun County.
