The Long & Foster Market Minute

Focus On: McLean Housing Market August 2022

Zip Code(s): 22101 and 22102
Units Sold
63
Active Inventory
167
Median Sale Price
$1,200,000
Days On Market
40
Down
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 5%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 63 sold this month in McLean Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 87 units or 34%. The total number of active inventory this August was 167 compared to 254 in August 2021. This month's total of 167 is lower than the previous month's total supply of available inventory of 208, a decrease of 20%.

Median Sale Price
Last August, the median sale price for McLean Homes was $1,150,000. This August, the median sale price was $1,200,000, an increase of 4% or $50,000 compared to last year. The current median sold price is 4% lower than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
74
Current Contracts
61
Sold Vs. List Price
97.9%
Months of Supply
2.7
Down -45%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -1.4%
Vs. Year Ago
Up 6%
Vs. Year Ago

Months of Supply
In August, there was 2.7 months of supply available in McLean, compared to 2.5 in August 2021. That is an increase of 5% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 74 homes newly listed for sale in McLean compared to 135 in August 2021, a decrease of 45%. There were 61 current contracts pending sale this August compared to 79 a year ago. The number of current contracts remained stable as compared to last August.

Sale Price to List Price Ratio
In August, the average sale price in McLean was 97.9% of the average list price, which is 1.4% lower than at this time last year.

Days on Market
This month, the average number of days on market was 40, higher than the average last year, which was 38, an increase of 5%.

The Long & Foster Market Minute McLean are defined as properties listed in zip code/s 22101 and 22102.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.