Cost of Living in Loudoun County, Virginia
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More information about the real estate market in Loudoun County is available through the Dulles Area Association of Realtor's report. The February 2022 report is now available, along with reports dating back to 2000. Compared to February 2021, the number of home sales in Loudoun County decreased last month. The report noted a 18.6 percent drop in home sales when comparing February 2021 to February 2022.
The number of pending sales dropped for a ninth consecutive month, the report said. In February, Sterling and Purcellville saw the steepest drops in pending home sales. 20.2% of renters in Loudoun County are severely cost burdened, meaning they spend more than half their income on rent. That is slightly below the severely cost-burdened share for the entire D.C. "Following more than two years of market frenzy, we’re beginning to see more options on the market, as well as prices beginning to slow down a bit," DAAR President Rich Blessing said in a news release.
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Current inventory levels in Loudoun County are down over 11% when compared to March 2012. This is certainly having an effect on the average price of a home in Loudoun County as supply and demand is the most important factor effecting home sales. The downward trend for inventory has continued for some time now. With the approach of the spring market inventory levels should increase seasonally as expected however levels are still significantly off the mark from where inventory was a year ago.
All but one of the metro area’s 25 jurisdictions saw positive population growth from 2009 to 2019, and eight jurisdictions fall into the highest cost category (housing value-to-income ratios over 4). Loudoun had the second highest population growth rate in the metro area (0.25). Versus last year, the total number of homes available this month is higher by 209 units or 70%.
Loudoun County Homes for Sale
We have seen the numbers for New Listings and New Pending Sales increase month to month, however these numbers continue to be down significantly when compared to last year at this time. The numbers of closed sales have increased when compared to yearly and monthly numbers. Housing is expensive because supply has not kept up with demand. High prices and rents, combined with low vacancy rates, indicate that there is unmet demand for housing. It is important to realize that no single county can produce enough housing to meet demand for the entire metro area.
A cost of living index above 100 means Loudoun County, Virginia is more expensive. Real estate in Virginia is assessed at 100% of its fair market value. Real property tax bills are based on the real property assessment and the real property tax rate, which is set annually by the Board of Supervisors. Questions about real property assessments or fair market valuations should be directed to the Office of the Commissioner of the Revenue. This month, the average number of days on market was 28, higher than the average last year, which was 15, an increase of 87%. In November, there was 1.6 months of supply available in Loudoun County, compared to 0.5 in November 2021.
Current Inventory Pushes Prices Up
These structures are also well suited for rental housing, which is more affordable to moderate-income households, and as “starter homes” for prospective first-time buyers who are currently priced out of the market. Zoning changes that enable smaller, less land-intensive structures to be built as-of-right in more parts of the county will increase the diversity of housing choices and widen the price range of available homes. Companion zoning reforms include relaxing dimensional requirements, such as minimum lot sizes, setbacks, lot coverage, or floor-to-area ratios. Reducing minimum parking requirements and allowing flexibility in design standards can also result in cost savings for newly built homes.
Housing market conditions can vary across submarkets within counties. These policy recommendations are based on an assessment of overall county-level housing metrics. Larger counties often have multiple distinct submarkets with varying affordability, physical quality, infrastructure availability, and development regulations. Lower-cost communities tend to have older, poorer quality housing.
Loudoun Times
Rich Blessing is the president of the Dulles Area Association of Realtors. "Our February market statistics continue to reflect the low inventory in Loudoun County and the subsequent effects on the housing market," Blessing said. "As the historically low inventory is driving up prices dramatically, rising mortgage rates could also create challenges for buyers who want to purchase a home."
While most middle-income households in the metro area can afford median rent in Loudoun, most low- and moderate-income households in the region will fall below this threshold. Loudoun County’s population growth rate, 0.35, is more than double that of the average county in the D.C. Fast population growth drives the demand for additional housing. To develop a more complete picture of housing market conditions in Loudoun County, we draw on a broader set of measures that capture demand, affordability of both owner-occupied and rental housing, and housing quality . An amount below 100 means Loudoun County is cheaper than the US average.
In Ashburn’s ZIP code, for example, the median sales price for homes sold in November rose by 15.6 percent over 2019, and in Chantilly, the median sales price rose by 19.6 percent according to DAAR. At $560,000, the median sales price in the county for November was 13.6 percent higher than the median sales price in the same month in 2019. The price growth occurred across the county and reflects a tight supply of homes available, the association said in the report, titled “DAAR Loudoun County Market Indicators Report” and prepared by Virginia Realtors. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves. Loudoun County is not the relative bargain it may have been a few years ago though. The median price of a single-family home that sold in Loudoun in January was a record $860,000.
This home sale information is not to be construed as an appraisal and may not be used as such for any purpose. LOUDOUN COUNTY, VA — It's still a seller's home market in Loudoun County, according to the monthly report from the Dulles Area Association of Realtors. The report cited historically low inventory for continued high home prices.
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