Leesburg's months-of-supply figure for September 2026 is the number you would expect from a seller's market. ZIP code 20175 came in at 1.7 months and 20176 at 1.8, according to the Market Indicators Report that Virginia REALTORS prepared for the Dulles Area Association of REALTORS. Either figure would mean buyers are short on choices and sellers set the terms.
The same report ranks pending sales by ZIP code across Loudoun County, and both Leesburg ZIPs are at the bottom. In September 2026, pending sales fell 59.3% year over year in 20175, to 24 contracts, and 41.5% in 20176, to 31. No other Loudoun ZIP fell as far. Two numbers from one report point in opposite directions because of how months of supply is calculated, and the two Leesburg ZIP codes are slowing for different reasons.
Why 1.7 months is a 12-month average
Virginia REALTORS says in its September 2026 Home Sales Report that months of supply is built from "the average monthly sales over the preceding 12-month period" and the inventory of active listings. The published ZIP figures match active listings divided by that 12-month sales average. So the sales half of the figure covers a full year, and September is only one month of it.
Running that division in reverse shows how much the average carries. At the end of September 2026, 20175 had 92 active listings and 1.7 months of supply, which implies a trailing average of about 54 sales a month. In September itself, 20175 closed 24 sales. In 20176, 147 active listings and 1.8 months of supply imply about 82 sales a month on the trailing basis. September's actual count was 47.
Divide each ZIP's active listings by its September sales instead, and you get a different picture. This is our own illustrative calculation, not an official statistic:
| September 2026 | 20175 | 20176 |
|---|---|---|
| Active listings | 92 | 147 |
| Closed sales | 24 | 47 |
| Published months of supply | 1.7 | 1.8 |
| Inventory at September's sales pace | about 3.8 months | about 3.1 months |
One month does not make a trend, and the 12-month method exists to smooth out exactly this kind of swing. It also means the published figure moves slowly. A run of weak months has to pile up before months of supply shows it.
A second source shows how much the method matters. The Northern Virginia Association of Realtors worked from Bright MLS data and reported Loudoun County at 2.41 months of supply for September 2026, up 37.7% year over year, with 338 closed sales and 1,031 active listings. The DAAR report put the county at 1.9 months, with 344 sales and 962 active listings. It is the same county and the same month, yet the two figures differ by half a month because the inputs differ. NVAR adds that roughly five to six months is the range commonly associated with a balanced market. By any of these measures, Leesburg is still below that range. The direction of change is what the published figure is slow to show.
The quarter the average is still catching up to
September capped a summer of slowing contracts, steady in 20175 and abrupt in 20176. The DAAR reports for July, August and September 2026 show it:
| 2026 | 20175 sales | 20175 pending | 20175 active | 20176 sales | 20176 pending | 20176 active |
|---|---|---|---|---|---|---|
| July | 43 | 46 | 74 | 82 | 55 | 109 |
| August | 47 | 25 | 77 | 61 | 59 | 104 |
| September | 24 | 24 | 92 | 47 | 31 | 147 |
The two ZIPs stall at different points. In 20175, pending sales dropped by almost half between July and August, and closed sales fell by about half a month later. In 20176, contracts held steady through August and fell in September, while active listings jumped by 43 in a single month. Across all three months, published months of supply stayed at 1.7 for 20175 and 1.8 for 20176.
The rest of Loudoun was also slowing. DAAR's September 2026 market summary reported county sales down for the third straight month, at 344 sales, down 17.3%. Active listings were up 38.8% to 962, and the county median was $750,000, down 0.9%. Leesburg stands out because both of its ZIPs led the county in the pending-sales decline, and because their inventory grew for different reasons.
20176: more sellers are listing
In 20176, the supply side changed. New listings in September 2026 rose 31.3% year over year, from 80 to 105. Active listings rose 67%, from 88 to 147. Sales fell 19%, from 58 to 47, a far smaller drop than in 20175, and the median sale price was essentially flat at $850,000, compared with $857,500 a year earlier. Average days on market was 29 in September 2026.
Buyers are still buying in 20176, just not fast enough to keep up with the homes coming on the market. For a buyer, that means more homes to compare, and asking prices that have to hold up next to similar listings nearby. For a seller, the competition is the house down the street that listed the same month, and the buyer touring both has time to decide.
20175: fewer sellers, and homes taking longer to sell
In 20175, the numbers move in the other direction. New listings in September 2026 fell 12.3% year over year, from 65 to 57. Active listings still grew 48.4%, from 62 to 92. With fewer homes coming on, inventory can only grow that fast if the homes already listed are not selling. Average days on market shows that. It was 22 days in July, 23 in August and 43 in September 2026, the longest of any ZIP in the DAAR report.
The 20175 median seems to argue the other way. It rose 7.3% year over year in September 2026, to $739,000. That median comes from 24 sales, though, and the July and August figures show how far a small sample can swing. The 20175 median was $925,000 in July, $825,000 in August and $739,000 in September. With so few sales, the median reflects which homes happened to close that month more than any change in what a given home is worth. The steadier signals are the count of contracts and how long homes sit.
What this means when pricing and negotiating
A seller in 20175 is listing in a market with less new competition, where buyers are moving slowly. The early weeks matter more there. A home that has sat for 43 days looks different to a buyer than one that sat for 22, and the September numbers show how fast homes in this ZIP can drift into that range.
A seller in 20176 faces the opposite problem. The pressure comes from new listings, so pricing against homes that went active the same month will matter more than pricing against spring sales.
For a buyer comparing the two ZIPs, the published months of supply looks almost identical. The actual negotiating conditions do not. In one ZIP, the advantage comes from homes that have been sitting. In the other, it comes from having more homes to choose from. DAAR labels its monthly figures preliminary and subject to adjustment as more MLS data comes in.
Quick answers
How do I know which Leesburg ZIP code a property is in?
Loudoun County's ZIP code map places 20176 to the north of 20175 around Leesburg. For a specific property, the county's WebLogis mapping tool has a ZIP code layer and lets you search by address.
Does a higher median price in 20175 mean values went up?
Not on its own. The September 2026 median of $739,000 came from 24 sales, and the 20175 median moved by more than $180,000 between July and September. Contract counts and days on market give a steadier picture than any single month's median.
Is Leesburg a buyer's market now?
By the published measures, no. Both Leesburg ZIP codes were below two months of supply in September 2026, well under the five to six months NVAR associates with balance. What changed in the third quarter is the direction and the pace, and the published figure reflects those last.
If you own a home in 20175 or 20176 and want to see how September's contract slowdown affects your street, the Matt Elliott Home Selling Team can show you the recent listings and sales near your home and help you set a list price that holds up against them. Request a Free Seller Consultation.
