Is Mc Lean, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Mc Lean was a Seller's Market.
Key Takeaway
Mc Lean is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Mc Lean, VA
How much do homes in Mc Lean, VA cost?
Median Sold Price
$1,294,611
$422/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Mc Lean have sold for 3.6% more than they did a year ago.
Summary: The median home sold price in Mc Lean was $1,294,611 in May 2024, up 3.6% from last year, and the median price per square foot was $422.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $301.5K | $287.5K | -4.6% |
| 2 Bedrooms | $485K | $475K | -2.1% |
| 3 Bedrooms | $900K | $1.0M | +20.6% |
| 4 Bedrooms | $1.3M | $1.3M | +4.7% |
| 5+ Bedrooms | $2.3M | $2.2M | -3.8% |
Summary: Mc Lean housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.6%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 3.8%.
Median Sold Price Compared To Nearby Cities
| Dranesville | $1.1M | $1.2M | +9.1% |
| Hunter Mill | $655.5K | $710.4K | +8.4% |
| Falls Church | $691.9K | $723.5K | +4.6% |
| Mc Lean | $1.2M | $1.2M | +3.6% |
| Providence | $617.1K | $636.4K | +3.1% |
Housing Supply in Mc Lean, VA
How many homes are available in Mc Lean, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 364 | 410 | +12.6% |
Summary: The Mc Lean real estate market had 410 homes for sale in May 2024, a 12.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 47 | 50 | +6.4% |
| 2 Bedrooms | 47 | 61 | +29.8% |
| 3 Bedrooms | 36 | 39 | +8.3% |
| 4 Bedrooms | 32 | 32 | 0.0% |
| 5+ Bedrooms | 202 | 228 | +12.9% |
Summary: The Mc Lean housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.4%, 2 bedroom homes increased by 29.8%, 3 bedroom homes increased by 8.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 12.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 79 | 64 | -19.0% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mc Lean, you could pay more than the asking price. 42.2% of homes here sold above asking price last month.
Summary: A total of 64 homes were sold or pending in Mc Lean in May 2024, down by 19.0% month-over-month. Of the 64 sold homes, 33% were sold under asking, 25% were sold at asking, and 42% were sold over asking.
Days on Market for Mc Lean, VA
How long does it take to sell a home in Mc Lean, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 31 Days | +40.4% |
Summary: Homes in Mc Lean had an average of 31 days on market in May 2024, up by 40.4% compared to last year.
Breakdown of Home Sale Times
51 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mc Lean are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 64 homes were sold in Mc Lean; 80% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
