Market Update in McLean Virginia | McLean Homes for Sale March 2020 Market Report

Dated: April 23 2020

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Single Family Homes for Sale in McLean: Attached Homes

In Mc Lean, VA, the median sold price for Detached properties for March was $1,383,500, representing an increase of 6.7% compared to last month and an increase of 20% from Mar 2019. The average days on market for units sold in March was 39 days, 39% below the 5-year March average of 64 days. There was a 7.9% month over month increase in new contract activity with 41 New Pendings; a 1.6% MoM increase in All Pendings (new contracts + contracts carried over from February) to 64; and a 16.6% increase in supply to 218 active units.

This activity resulted in a Contract Ratio of 0.29 pendings per active listing, down from 0.34 in February and a decrease from 0.46 in March 2019. The Contract Ratio is 25% lower than the 5-year March average of 0.38. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

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Single Family Homes for Sale in McLean: Attached Homes

In Mc Lean, VA, the median sold price for Detached properties for March was $1,383,500, representing an increase of 6.7% compared to last month and an increase of 20% from Mar 2019. The average days on market for units sold in March was 39 days, 39% below the 5-year March average of 64 days. There was a 7.9% month over month increase in new contract activity with 41 New Pendings; a 1.6% MoM increase in All Pendings (new contracts + contracts carried over from February) to 64; and a 16.6% increase in supply to 218 active units.

This activity resulted in a Contract Ratio of 0.29 pendings per active listing, down from 0.34 in February and a decrease from 0.46 in March 2019. The Contract Ratio is 25% lower than the 5-year March average of 0.38. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

Single Family Homes for Sale in McLean: Attached Homes

In Mc Lean, VA, the median sold price for Attached properties for March was $445,000, representing a decrease of 21.2% compared to last month and an increase of 4.7% from Mar 2019. The average days on market for units sold in March was 29 days, 36% below the 5-year March average of 45 days. There was a 28.6% month over month decrease in new contract activity with 25 New Pendings; a 25% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 33; and a 1.7% increase in supply to 59 active units.

This activity resulted in a Contract Ratio of 0.56 pendings per active listing, down from 0.76 in February and a decrease from 1.05 in March 2019. The Contract Ratio is 6% lower than the 5-year March average of 0.60. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

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Townhouses for Sale in McLean: Attached Homes

In Mc Lean, VA, the median sold price for Attached/Townhouse properties for March was $780,000, representing a decrease of 10.6% compared to last month and a decrease of 5.8% from Mar 2019. The average days on market for units sold in March were 43 days, 24% above the 5-year March average of 35 days. There was a 30% month over month decrease in new contract activity with 7 New Pendings; a 30.8% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 9; and 100% increase in supply to 8 active units.

This activity resulted in a Contract Ratio of 1.13 pendings per active listing, down from 3.25 in February, and a decrease from 13.00 in March 2019. The Contract Ratio is 64% lower than the 5-year March average of 3.13. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

Condos for Sale in McLean: 

In Mc Lean, VA, the median sold price for Condo & Coop properties for March was $342,025, representing a decrease of 22.1% compared to last month and a decrease of 17.8% from Mar 2019. The average days on market for units sold in March was 22 days, 52% below the 5-year March average of 46 days. There was a 28% month over month decrease in new contract activity with 18 New Pendings; a 22.6% MoM decrease in All Pendings (new contracts + contracts carried over from February) to 24; and a 5.6% decrease in supply to 51 active units. This activity resulted in a Contract Ratio of 0.47 pendings per active listing, down from 0.57 in February and a decrease from 0.76 in March 2019. The Contract Ratio is 9% lower than the 5-year March average of 0.52. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.

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Louis Taylor

A seasoned agent that is known for his passion, diligence and unwavering commitment to his clients, Louis Taylor has helped thousands of individuals buy and sell homes across the country for more than....

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