Loudoun County Real Estate Market Update: April 2020
Our day to day lives have changed drastically with many of us are working from home, acting as our children’s teacher, and putting off outings and events to slow the spread of COVID-19. The affects of the virus and government ordered stay-at-home has slowed the overall economic growth, increased unemployment, and has put the stock market into turmoil.
One would believe that negative economic indicators would slow the real estate market, but here in Loudoun County we saw a tightening of home inventory and a steady supply of buyers. The tight supply and increased demand has increased prices even during these challenging times. The increased buyer demand is normal for our spring real estate market, but the incredibly low mortgage interest rate has helped spur buyer demand during a pandemic.
As you can see, home prices are not dropping on average in Loudoun County. If you’re considering selling your home, now is the time! Buyer demand will continue through the summer and could actually increase even more as the state government begins to loosen the stay at home order.
Overall, April was a strong month for real estate in Loudoun County considering what we are enduring. Homes are selling at higher prices than April 2019 due to low supply and buyer demand driven by low mortgage interest rates.