South Riding, 20152 Housing Market Update

Here’s a look at what’s going on with the South Riding/20152 zip code housing market…

South Riding/20152 Zip Code Median Price

The median price for single family and town homes in South Riding/20152 zip code is showing a slight uptick after having dropped over 70 percent over the last 2.5 years. We’ll need to see some more evidence of median prices going sideways or up to call it a trend.

Condo are in the same boat as single family and town homes. After having dropped over 60 percent over the last 2.5 years, they showing slight signs of stabilizing. We’ll have to wait and see what median prices do this summer and fall before coming to a more firm conclusion.

South Riding/20152 Inventory

Inventory of single family and town homes spiked like crazy in the 2nd quarter of 2007 and South Riding/20152 zip code has been working it off ever since. Inventory of single family and town homes is down over 40 percent from July 2007 and down almost 20 percent from this time last year.

Condo inventory spiked way up, then went pretty much sideways for a year and is now down almost 40 percent from this time last year. It’s gone up slightly over the past two months, but appears to be going sideways at the moment.

South Riding/20152 Housing Market Overview

The South Riding and 20152 zip code housing market is a bit more volatile than other markets in Loudoun County because it’ has less total properties within its’ boundaries with everything from condos to large McMansions. The lower price points are selling faster and at a higher rate.

Much like the rest of Loudoun County and Northern Virginia in general, if the property is priced well, it will sell in less than 30 days. If it’s not priced correctly, it’ll just sit on the market collecting dust.

South Riding Real Estate Market Statistics - October 2008

Here are the October 2008 statistics for the South Riding, Virginia real estate market. The statistics cover supply (new listings) and demand (solds). 

   

The number of new listings in October '08 was higher than in September '08 and slightly lower than in October '07. This is not a good sign in the short-term and we'll have to see if this just temporary or turns into a trend.

The number of properties that sold (went under contract) in October '08 was lower than the previous month and the same as the previous year. This is not a good sign either and goes against what the rest of Loudoun County is doing, which is showing signs of improvement.

South Riding has one of the softest markets in Eastern Loudoun County making it tough for sellers, but good for buyers by giving them more room to negotiate.