Loudoun County presents an eclectic mix of old and new, and with cutting edge new developments coming to Ashburn, such as One Loudoun, the area is seeing an increase in jobs as well as an increase in Ashburn home sales. Known to be one of the fastest growing counties in the U.S., Loudoun is becoming both a major employment center as well as a breeding ground for new residential communities, which has attracted an increased amount of home buyers to the area.
Virginia as a whole has seen increasing job growth over the last few years, with the unemployment rate in May dropping to 5.6%, down from 6.2% last May, and beating the National average of 8.2%. Home buyers in the area are welcomed into one of the hottest job markets in the country. Loudoun County is home to the Dulles Technology Corridor which has one of the highest concentrations of technology firms in the nation, stretching 25 miles along VA Route 267, promotes the growth of the technology sector and homes to such tech giants as IBM, Lockheed Martin and Oracle. Loudoun also has access to one of the largest internet exchange points in the world which has attracted telecommunication employers such as Verizon Business, At&T, Sprint, and AOL. With the county being close in proximity to Washington, D.C., Loudoun makes an ideal location for government contractors, which are some of the largest employers in the area. Dulles International Airport is only minutes away, helping Loudoun County to become a magnet for transportation, retail and other industry giants. Not surprisingly then, Loudoun County was named in Forbes’10 “Best Places to Get Ahead” as well as Money Magazine’s 25 places “Where the Jobs Are”, AND, according to the Washington Post, has one of the highest median household incomes in the country.
With Loudoun seeing a rise in job growth, the county is also seeing a rise in home sales. Steady upward trends in the housing market are causing home buyers to take advantage of the favorable conditions. Northern Virginia housing market stats show that closed sales in May went up 21.75% from the year-to-year comparison, as well as showing an increase of 22.11% from April to May of this year. The average days on the market in May were down 23.21% from 2011 as well as going down 20.37% since April, indicating that houses are selling much faster this year.
The theme of the current housing market conditions being an “ultimate buyers market” in Loudoun seems to be continuous. With the recent announcement of the average 30-year interest rates now down to a staggering 3.66%, there is even more incentive for home buyers to take advantage of this incredible opportunity and purchase a new home in a growing area such as Loudoun County VA. The general downtrend in both listed homes and the shadow market has contributed to shortage of inventory, and according to the FED’s chief economists, this has contributed to a market that is becoming increasingly more balanced.