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. To further understand our local housing market, the statistics need to be compared from quarter to quarter or year to year, so that the average home owner and potential buyer can see the trends in the local housing market.
Hopefully, this analysis will provide you with a more detailed and accurate picture of what is happening in our local housing market.
Housing Market Comparative Analysis for McLean, VA 22102
Quarter End 3/31/10 vs. Quarter End 3/31/11
I compared my market analyses for McLean, VA 22102 for the quarters ending 3/31/10 and 3/31/11 and compiled the data first into a table, then charted the data. The table and chart are below. For a larger view of either the table or chart, click on them.
Summary of 22102 Comparison
- $700,000 – $1,199,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a sellers’ market.
- $1,200,000 – $1,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a balanced market.
- $1,500,000 – $1,999,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a buyers’ market.
- $2,000,000-$2,499,999 – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or better for sellers.
- $2,500,000 – $2,999,999 – between the first quarter of 2010 and the first quarter of 2011, this range stayed relatively stable as a strong buyers’ market.
- $3,000,000+ – between the first quarter of 2010 and the first quarter of 2011, this range became a weaker buyers’ market, or better for sellers’.
Please refer to my previous post for the quarter end 3/31/10:
http://mcleanrealestate.wordpress.com/2010/06/08/first-quarter-2010-market-analysis-for-mclean-great-falls/
If you have any questions about this post or about the McLean-Great Falls real estate market, please don’t hesitate to contact me at taniahosmer@gmail.com.
