The Long & Foster Market Minute

Focus On: McLean Housing Market March 2021

Zip Code(s): 22101 and 22102
Units Sold
102
Active Inventory
202
Median Sale Price
$953,000
Days On Market
37
Up
Vs. Year Ago
Down -32%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 12%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 102 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 93 units or 32%. The total number of active inventory this March was 202 compared to 295 in March 2020. This month's total of 202 is lower than the previous month's total supply of available inventory of 230, a decrease of 12%.

Median Sale Price
Last March, the median sale price for McLean Homes was $930,000. This March, the median sale price was $953,000, an increase of 2% or $23,000 compared to last year. The current median sold price is 19% lower than in February.

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


New Listings
157
Current Contracts
140
Sold Vs. List Price
98.8%
Months of Supply
2.0
Down -2%
Vs. Year Ago
Up 97%
Vs. Year Ago
No Change
Vs. Year Ago
Down -50%
Vs. Year Ago

Months of Supply
In March, there was 2.0 months of supply available in McLean, compared to 4.0 in March 2020. That is a decrease of 50% 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 157 homes newly listed for sale in McLean compared to 161 in March 2020, a decrease of 2%. There were 140 current contracts pending sale this March compared to 71 a year ago. The number of current contracts is 97% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in McLean was 98.8% 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 37, higher than the average last year, which was 33, an increase of 12%.

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.