One of the First Market indicators that we bring to your attention is the number of homes for sale in McLean Virginia. This number shows the inventory choices that buyers have when considering purchasing a home in McLean.
Homes for Sale
Because there can be spikes in the real estate market, we make sure that we show you the activity from the past 7 days and the 90 day average as well so that you can get a clear view of the McLean VA Real Estate Market.
The second indicator is the pricing trends for McLean Virginia. The chart shows the median single family home price as well as the 90 day median price for McLean.
Price Trends
The combination of available inventory and pricing lead to the Sales and Demand Trend measured by the Average Days on Market in McLean for a home before it gets an acceptable contract offer.
Sales & Demands Trend
All of this is measure with a The McLean Virginia Market Action Index (MAI) – Developed by Alto Research for McLean Virginia.
Market Conditions
Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors.
“The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “Hot Market”) because demand is high enough to quickly absorb available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a “Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.”
So Really – How is the McLean Virginia Real Estate Market?
We get asked all the time, “How’s the market?”, and our response is, “Well, it depends. Are you looking to buy, sell, rent, or invest?”
Seriously, it is an fantastic market if you are a Buyer – interest rates are truly at an all time low, and prices are low as well.
And it is an fantastic market if you are a Seller – the good homes get scooped up fast and for top dollar.
And it is an fantastic market if you are an investor – and are looking to either fix up and flip a property or hold it and place a renter in the home.
During the past month The Earl of Real Estate Team has helped a number of clients sell their homes, and we have helped clients purchase new homes! We are as busy as we have ever been with showings, inspections, and presentations. The phones have been ringing nonstop, and our emails are flooded.
So, how’s the market?
The market is FANTASTIC.
McLean VA Homes for Sale – Recent MLS Listings:
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