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…
View original post 361 more words
McLean Real Estate News 