McLean real estate market statistics for 22101 are below and will be updated by the 10th of each month unless the 10th falls on a weekend and then it will be the following business day, please feel free to visit monthly. These are interactive chars so you can remove and add any of the colored lines by clicking on the legend below the graph.
You will find, what I consider, some of the more important McLean real estate market statistics for 22101 to help gauge overall trends. I have also given brief overviews of each graph to help explain the reason it has been included and its importance to the 22101 real estate market.
McLean Market Activity:
The graph below lays out the supply (active listings) and demand (closed sales) of the McLean real estate market over the last 12 months. It also includes the number of new listings on the market in McLean and pending listings, which are the homes under contract. This information is useful to home sellers and buyers to understand the current trends and possible pressure on price, if any. The smaller the gap between the active listings, yellow line, and the sold listings, blue line, the more we are in a sellers market in McLean. This can cause an upward movement of prices.
McLean Median Price Sold:
This graph shows the median sold price over the last three years for Detached Homes, Town Homes, and condos in the McLean real estate market of 221o1. This gives an idea of the current price trend to home sellers and buyers to gauge the general direction of prices. Pricing a home to high can cause a home to sit on the market and lessen the urgency buyers may have for a property. On the flip side, homeowners who price a home to low may leave excess money on the table that they otherwise could pocket. At times this graph may show some spikes which is caused by a low number of sales in that particular month and/or a high priced luxury sale, but for our purposes we are looking for the overall long term median sales price trend for McLean.
McLean Avg. Home Sales Price vs. List Price Ratio:
Pricing a home correctly in McLean, or anywhere in NOVA, is critical to home sellers to net the most money while avoiding a stale listing distinction. This graph illustrates the percentage of list price to sold price ratio so home sellers can determine what the average home buyer is negotiating from list price in 22101. Overpricing a home can scare off potential buyers and cause them not to even make an offer on a home with an unrealistic price. Finding the sweet spot for a seller’s unique situation is what a professional real estate agent can do when it comes to pricing a home. Please keep in mind these are averages and I recommend to consult with an agent on specifics of each individual property. I have broken this graph down into price ranges since sometimes different price ranges can have different results. (Example of Calculation: Ratio of 97.2% means seller and buyer negotiated 2.8% off the list price) (****this does not include any negotiated seller paid closing costs for the buyer)
McLean Supply of Homes, in Months:
Below we can see the number of months it would take to sell the current inventory of homes in McLean, which is broken down into multiple price ranges. I rely on this graph a great deal as a thermometer of each price range in all Northern Va real estate markets. As you can see, breaking these results into price ranges paints a different picture for a $600k home as compared to a 4 million dollar home. A general rule of thumb is, the higher the value of a home the longer it takes to sell.