The Long & Foster Market Minute

Focus On: McLean Housing Market February 2020

Zip Code(s): 22101 and 22102
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 58 sold this month in McLean Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 30 units or 11%. The total number of active inventory this February was 246 compared to 276 in February 2019. This month's total of 246 is higher than the previous month's total supply of available inventory of 237, an increase of 4%.

Median Sale Price
Last February, the median sale price for McLean Homes was $887,500. This February, the median sale price was $1,040,000, an increase of 17% or $152,500 compared to last year. The current median sold price is 5% lower than in January.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 2%
Vs. Year Ago
Up 46%
Vs. Year Ago
Up 1.6%
Vs. Year Ago
Down -35%
Vs. Year Ago

Months of Supply
In February, there was 4.2 months of supply available in McLean, compared to 6.6 in February 2019. That is a decrease of 35% 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 126 homes newly listed for sale in McLean compared to 123 in February 2019, an increase of 2%. There were 73 current contracts pending sale this February compared to 50 a year ago. The number of current contracts is 46% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in McLean was 99.4% of the average list price, which is 1.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 42, lower than the average last year, which was 51, a decrease of 18%.

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.