There is a popular saying among top economists: “As goes housing, so goes the economy.”
Normally, nationwide housing and housing-related services account for about 15-19% of the Gross Domestic Product (GDP), depending on the year. However, broad generalizations like, “It’s a great time to buy,” don’t even begin to tell the whole story, particularly here in Northern Virginia. In order to fully understand our local housing market, the statistics need to be broken down into meaningful parts which can be understood and applied by the average home owner and potential buyer.
This analysis provides a snapshot in time of our constantly changing local real estate market. Hopefully, it will provide you with a more detailed and accurate picture of what is happening in our market today.
State of the Real Estate Market in McLean, VA 22102 for the Quarter End 3/31/11
The following table and chart compare the number of active listings (the supply) to the number of properties sold or under contract (the demand) in the local real estate market of McLean 22102 by price range for the period from 9/30/10 – 3/31/11.
Based on the balance, the real estate market in our area can be characterized in one of three ways:
Buyers’ Market – More properties for sale (Supply) than properties that have sold in the past 6 months or are currently under contract (Demand)
Balanced Market – an equal number of properties for sale (Supply) as properties that have sold in the past 6 months or are currently under contract (Demand)
Sellers’ Market – more properties that sold in the past 6 months or are currently under contract (Demand) than properties that are currently for sale (Supply)
To get an enlarged view of the table or chart, click on them.
22102 Summary
- $700,000 – $1,199,999 – Sellers’ Market. If you factor in the withdrawn and expired listings, this range is closer to balanced.
- $1,200,000 – $1,499,999 – Balanced Market (without factoring in the withdrawn and expired listings)
- $1,200,000 – $1,499,999 – The amount of withdrawn and expired listings would increase the number of active listings by 80%, if they came back on the market, and shift the market from balanced to a buyers’ market.
- $1,500,000 – $1,999,999 – Buyers’ Market (without factoring in the withdrawn and expired listings). There are almost 2 times the number of active listings as sold and under contract listings combined.
- $1,500,000 – $1,999,999 – If you factor in the withdrawn and expired listings, the number of active listings would be almost 3 times the number of sold plus under contract listings.
- $2,000,000 – $2,499,999 – Buyers’ Market. The 1 withdrawn listing is negligibly significant.
- $2,500,000 – $2,999,999 – Strong Buyers’ Market
- $2,500,000 – $2,999,999 – There are 6 times the number of active listings as sold and under contract listings.
- $3,000,000 and up – Buyers’ Market
- $3,000,000 and up – There are over twice the number of active listings as sold and under contract listings.
If you have any questions about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.
