Watch the video above for a detailed luxury market update. If you prefer reading, the full transcript is provided below.
Luxury Market Update for September 2024
Luxury pricing is anything above $1.4M, and this is for all of Loudoun County. Right now, we have 102 homes in the "coming soon" and "active" categories at this price point. Last month at this time, we had 101, so our inventory is staying super stable.
Under contract and pending, we had 31 in the last 30 days, compared to 24 in the 30 days prior, so activity went up. In terms of closed homes, we had 24 closed in the last 30 days, compared to 40 in the previous 30 days, so the number of closings went down slightly.
Days on market have stayed steady at 27 days, which reflects how long it takes for homes to go under contract from the time they went active (excluding "coming soon" listings). This stability is a good indicator of a stable market. Our inventory is obviously stable as well.
About 25% of these homes that sold were new homes, which indicates low inventory if a quarter of sales are coming from new builds. List price to sales price ratio is at 98%, meaning that sellers are getting, on average, 98% of their list price. Additionally, 57% of homes went over asking, while 43% went below asking.
Now, focusing on just Western Loudoun, which includes the eight towns west of Leesburg, we currently have 42 homes in the luxury price point, up from 38 last month, so inventory increased slightly. Under contract and pending, we had 11 homes in the last 30 days, compared to 17 in the 30 days prior, showing a slight decrease in activity in Western Loudoun.
In terms of closed homes, 10 homes closed compared to 5 in the prior 30 days, so that number is up. The average days on market is 49, which is an increase from 37 days previously, indicating it's taking a bit longer to sell luxury homes in Western Loudoun. The demand is often softer here due to lower population density, so it's normal for homes to take longer to sell in this area.
Of the homes sold, 50% went above their asking price and 50% went below, with sellers receiving 97% of their asking price on average. Only 20% of these sales were new builds.
If you have questions about where your home would land on the market, or if you're interested in selling, I'm Diana Geremia. I work in Western Loudoun, near Harris Teeter for Long & Foster Real Estate, and would be happy to help with any questions, pricing, or selling your home.
Thanks so much! We'll update you monthly with new data and keep you informed about the real estate market in Loudoun County. Thanks for tuning in!
