McLean Real Estate News

State of the McLean VA 22101 Housing Market — July 1, 2014 to December 31, 2014 — Text Summary

• $700,000 – $899,999 – Sellers’ Market The number of homes sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is almost 5 times the number of homes currently listed for sale (active listings). However, if the 30 home that were withdrawn from the market were put back on the market, there would still be more than 1 1/2 times the number of sold properties plus under contract properties as the number of active listings and this price range would remain a sellers’ market.
• $900,000 – $1,199,999 – Sellers’ Market The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract homes is more than two times the number of homes currently on the market for sale. If you factor in the 23 properties that were withdrawn from the market, there would be an equal number of sold plus under contract properties as active listings and this price range would be balanced.
• $1,200,000 – $1,499,999 – Sellers’ Market The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is more than 2 times the number of homes for sale.  If you factor in the 30 properties that were withdrawn from the market and listings that expired, the number of active listings be more than the number of sold properties plus under contract properties and this price range would become a buyers’ market.
• $1,500,000 – $1,999,999 – Sellers’ Market The number of properties sold between 7/1/14 and 12/31/14 combined with the number of under contract listings is slightly more than the number of homes for sale and this price range is almost balanced.  If you factor in the 20 homes that were withdrawn from the market or expired, this price range becomes a buyers’ market.
• $2,000,000 – $2,499,999 – Balanced Market The number of properties listed for sale is slightly more than the number of homes that sold between 7/1/14 and 12/31/14 combined with the number of properties currently under contract. If you factor in the 20 properties that were withdrawn from the market and listings that expired, the number of active listings would be almost three times more than the number of sold plus under contract properties and this price range would become a buyers’ market.
• $2,500,000 – $2,999,999 – Buyers’ Market The number of homes listed for sale is more than 6 times the number of homes sold between 7/1/14 and 12/31/14 combined with the number of properties currently under contract. If the 4 homes that were withdrawn from the market in this price range between 9/30/12 and 12/31/14 went back on the market, the number of homes listed for sale would be more than 8 times the number of sold plus under contract listings and this price range would become a stronger buyers’ market.
• $3,000,000 and up – Buyers’ Market The number of homes currently listed for sale is almost 3 times the number of homes sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract. If you factor in the 10 properties that were withdrawn from the market and listings that expired, there would be more than 4 times the number of homes on the market as sold homes combined with properties currently under contract and it would become an even stronger buyers’ market.

Note: All of the numbers for the withdrawn and expired listings were cross referenced against currently active listings, sold listings and under contract listings.  If they were listed in another category, they were excluded from the numbers and thus not accounted for more than once.

If you have any questions about any of this housing market data or the McLean Housing market, please do not hesitate to contact Tania at 703 403-8225 or taniahosmer@gmail.com.