Is McLean, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, McLean has remained a Buyer's Market.
Key Takeaway
McLean is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in McLean, VA
How much do homes in McLean, VA cost?
Median Sold Price
$1,275,323
$406/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in McLean have sold for 7% more than they did a year ago.
Summary: The median home sold price in McLean was $1,275,323 in November 2023, up 7% from last year, and the median price per square foot was $406.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $297K | $298K | 0.3% |
| 2 Bedrooms | $485K | $495K | +2.1% |
| 3 Bedrooms | $825K | $901K | +9.2% |
| 4 Bedrooms | $1.2M | $1.2M | -0.4% |
| 5+ Bedrooms | $1.9M | $1.9M | +2.5% |
Summary: McLean housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 0.3%, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 9.2%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes increased by 2.5%.
Housing Supply in McLean, VA
How many homes are available in McLean, VA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 699 | 691 | -1.1% |
Summary: The McLean real estate market had 691 homes for sale in November 2023, a 1.1% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 51 | 53 | +3.9% |
| 2 Bedrooms | 101 | 103 | +2.0% |
| 3 Bedrooms | 75 | 69 | -8.0% |
| 4 Bedrooms | 95 | 95 | 0.0% |
| 5+ Bedrooms | 377 | 371 | -1.6% |
Summary: The McLean housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 3.9%, 2 bedroom homes increased by 2%, 3 bedroom homes decreased by 8%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 1.6%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 69 | 44 | -36.2% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in McLean, you may be able to get a good deal. 59.1% of homes here sold below asking price last month.
Summary: A total of 44 homes were sold or pending in McLean in November 2023, down by 36.2% month-over-month. Of the 44 sold homes, 59% were sold under asking, 9% were sold at asking, and 32% were sold over asking.
Days on Market for McLean, VA
How long does it take to sell a home in McLean, VA?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 12 Days | 23 Days | +89.4% |
Summary: Homes in McLean had an average of 23 days on market in Nov 2023, up by 89.4% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in McLean are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 44 homes were sold in McLean; 75% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
