The Long & Foster Market Minute

Focus On: Great Falls and Western McLean Housing Market June 2021

Zip Code(s): 22066 and 22102
Units Sold
106
Active Inventory
206
Median Sale Price
$1,262,750
Days On Market
28
Up
Vs. Year Ago
Down -13%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 106 sold this month in Great Falls and Western 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 32 units or 13%. The total number of active inventory this June was 206 compared to 238 in June 2020. This month's total of 206 is higher than the previous month's total supply of available inventory of 204, an increase of 1%.

Median Sale Price
Last June, the median sale price for Great Falls and Western McLean Homes was $1,089,000. This June, the median sale price was $1,262,750, an increase of 16% or $173,750 compared to last year. The current median sold price is 5% higher than in May.

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


New Listings
135
Current Contracts
95
Sold Vs. List Price
100.7%
Months of Supply
1.9
Up 30%
Vs. Year Ago
Up 19%
Vs. Year Ago
Up 3.3%
Vs. Year Ago
Down -40%
Vs. Year Ago

Months of Supply
In June, there was 1.9 months of supply available in Great Falls and Western McLean, compared to 3.3 in June 2020. That is a decrease of 40% 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 135 homes newly listed for sale in Great Falls and Western McLean compared to 104 in June 2020, an increase of 30%. There were 95 current contracts pending sale this June compared to 80 a year ago. The number of current contracts is 19% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Great Falls and Western McLean was 100.7% of the average list price, which is 3.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 28, lower than the average last year, which was 32, a decrease of 13%.

The Long & Foster Market Minute Great Falls and Western McLean are defined as properties listed in zip code/s 22066 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.