I
ndustry experts at the Dulles Area Association of Realtors annual Economic Summit expressed optimism about Loudoun County's real estate market, despite concerns over inflation, tariffs, and federal worker layoffs. According to Lisa Sturtevant, chief economist at Bright MLS, it's too early to tell if these factors will impact the housing market, as there is no definitive data yet.

    Loudoun County's diversified workforce, with only 17,000 federal government employees and 900 contractors, makes it less reliant on the federal government compared to other jurisdictions in the region. Buddy Rizer, executive director of Economic Development, noted that the county has launched the Loudoun Resilience Initiative to support displaced workers and is meeting with businesses tied to the federal government.

    The demand for skilled workers remains high, with 17,000 vacant jobs in the region. This may lead to new entrepreneurship, as people use their experience to create businesses. Rizer said that through Launch Loudoun program, they are working to support this trend by providing grant funding and other resources.

    Despite these trends, the local real estate market is expected to remain strong, with low inventory and rising values. Home prices climbed 7.2% last year, with the median sold price for a single-family detached home reaching almost $1 million in Loudoun County. This has changed homebuyer demographics, making it harder for first-time buyers.

    According to Brandi Snowden, director of member and consumer survey research for the National Association of Realtors, the average age of first-time homebuyers is now 38, up from 29 years old in 1981. First-time owners comprise a record low portion of homebuyers, only 24%. The median household income for all buyers climbed to $108,800, while it's $97,000 for first-time buyers.

    Repeat homebuyers are in a strong position due to high equity levels in their homes. However, finding homes to purchase remains a challenge, with less than a month of inventory on the market. Sellers continue to hold the power, and buyers may have more room to negotiate, but concessions like cost repairs and closing cost assistance are becoming more common.