The Washington Post

NoVa real estate back to booming: $600K houses in short supply, condos in high demand

This 4-bedroom, 4-bathroom house in Upperville, in western Loudoun County, sold for $7.2 million in November. It also sits on 423 acres and has a working horse farm. (Thomas & Talbot Real Estate)

Ashburn realtor Michael Elias compiled the five most expensive homes sold in Loudoun last year on his fine real estate blog, LoCo Musings. Three of the five were in the Leesburg area, all five went for $2 million or more, and the $7.2 million champion was a 423-acre spread in Upperville, complete with a fully functioning horse farm, a pond, a swimming pool, a 4,500-square foot house with six fireplaces, a manager’s apartment and two tenant houses. This easily topped the 2011 winner in Loudoun, a 10,000-square foot shack in Bluemont that went for $4.5 million.

Earlier this week, Elias pointed out that there were only 36 houses in the $600,000 range in all of Loudoun, which is very low inventory for such a large and wealthy county. And speaking of low inventory, The Post’s Where We Live blog pointed out this week that there is a condo shortage in the D.C. area, particularly in Arlington and Fairfax counties. Combined, the two counties account for 31 percent of the region’s condo sales, George Mason professor Lisa Sturtevant reported, but less than 17 percent of the inventory.

And more good news on that front: Last year, nearly half of the D.C. region’s condo sales were in Northern Virginia, the number of sales in 2012 was up 10 percent, and prices in Arlington are now higher in some neighborhoods than they were at the peak of the housing boom. Further, “The uptick in condo sales,” Sturtevant wrote, “has been greatest in the Northern Virginia suburbs of Loudoun and Prince William counties, as well as in Prince George’s County,” which I don’t know where that is.

Tom Jackman is a native of Northern Virginia and has been covering the region for The Post since 1998.

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