Leesburg, VA Market Report – 3/2/10

02 Mar
March 2, 2010

The market in Leesburg is hot. With houses of every size, age and type imaginable, a buyer can certainly find what they want at a price of their choosing. The report below represents the market conditions in Leesburg, Virginia.

  • Homes for sale: 497 (down from 543 two months ago, and 625 one year ago)
  • Closed sales: 54 (down from 112 in November when the first round of tax credits expired, and down from 117 in December when everyone was trying to close before the year end.)
  • Average sold price: $363,410 (down $373,530 from two months ago, but up from $277,169 one year ago)
  • Average days on market: 60 (stable over past two months and half the time it took one year ago)

Prices in Leesburg are up 29% from one year ago and bouncing around and still trending up. It is estimated that approximately 40% of the sales in Leesburg are either bank owned or short sales, where the bank has agreed to take a payoff that is less than the outstanding mortgage loan.

Downtown Leesburg is a Historic District of quaint old town where the architecture has been preserved. It is a vibrant business hub that includes shops, restaurants, art galleries, the Loudoun County Courthouse, and numerous small offices.  In addition, there are are multiple hospitals that service Leesburg. Part of the attraction to living in Leesburg is the easy access to employment areas that are within a reasonable drive, including the Route 7 biotech corridor, Tysons Corner, and Route 28.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com

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