MCLEAN HOUSING MARKET DATA

There was a decrease in total units sold in August, with 64 sold this month in McLean Real Estate versus 83 last month, a decrease of 23%. This month's total units sold was lower than at this time last year, a decrease of 30% versus August 2023.

Versus last year, the total number of homes available this month is higher by 13 units or 7%. The total number of active inventory this August was 207 compared to 194 in August 2023. This month's total of 207 is lower than the previous month's total supply of available inventory of 225, a decrease of 8%.

Last August, the median sale price for McLean Homes was $1,410,000. This August, the median sale price was $1,332,500, a decrease of 5% or $77,500 compared to last year. The current median sold price is 9% higher 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.

In August, there was 3.2 months of supply available in McLean, compared to 2.1 in August 2023. That is an increase of 53% 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.

This month there were 88 homes newly listed for sale in McLean compared to 96 in August 2023, a decrease of 8%. There were 61 current contracts pending sale this August compared to 60 a year ago. The number of current contracts is 2% higher than last August.

In August, the average sale price in McLean was 98.4% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 33, lower than the average last year, which was 59, a decrease of 44%.





FOCUS ON: MCLEAN HOUSING MARKET			AUGUST 2024

Zip Code(s): 22101 and 22102
Units Sold 64	Active Inventory 207	Median Sale Price $1,332,500	Days On Market 33

Down -30% Vs. Year Ago	Up 7% Vs. Year Ago	Down -5% Vs. Year Ago	Down -44% Vs. Year Ago


		Units Sold There was a decrease in total units sold in August, with 64 sold this month in McLean Real Estate versus 83 last month, a decrease of 23%. This month's total units sold was lower than at this time last year, a decrease of 30% versus August 2023.
Active Inventory Versus last year, the total number of homes available this month is higher by 13 units or 7%. The total number of active inventory this August was 207 compared to 194 in August 2023. This month's total of 207 is lower than the previous month's total supply of available inventory of 225, a decrease of 8%.
		Median Sale Price Last August, the median sale price for McLean Homes was $1,410,000. This August, the median sale price was $1,332,500, a decrease of 5% or $77,500 compared to last year. The current median sold price is 9% higher 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 88	Current Contracts 61	Sold Vs. List Price 98.4%	Months of Supply 3.2

Down -8% Vs. Year Ago	Up 2% Vs. Year Ago	No Change Vs. Year Ago	Up 53% Vs. Year Ago


		Months of Supply In August, there was 3.2 months of supply available in McLean, compared to 2.1 in August 2023. That is an increase of 53% 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 88 homes newly listed for sale in McLean compared to 96 in August 2023, a decrease of 8%. There were 61 current contracts pending sale this August compared to 60 a year ago. The number of current contracts is 2% higher than last August.
		Sale Price to List Price Ratio In August, the average sale price in McLean was 98.4% of the average list price, which is similar compared to a year ago. Days on Market This month, the average number of days on market was 33, lower than the average last year, which was 59, a decrease of 44%.


	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.
	Information 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.