In May 2022, the McLean Real Estate Market was still a Seller’s Market. 50 homes sold compared to the 41 homes that sold in April. Homes were on the market for an average of 18 days and a median of 5 days; however, in April of 2022, the average was 38 days. That is a decrease of 52.63% average days on Market!!

The price homes sold for in May versus April is a slightly different story. The average sale price in April was $2,185,553 and the median sale price was $2,110,000. In May however, McLean homes sold for an average of $2,052,882 and a median of $1,887,500 in McLean. Although sale prices slightly decreased, homes still sold for an average of 5.7% over the list price (a 0.2% increase from last month!).

According to the above data, Homes are still selling at a rapid rate and on average, selling OVER list price!  The recent rise in interest rates has caused a shift in the market where this means the market is headed is unclear at the moment, but for now, it is still a great time to buy and still a great time to sell in McLean, Virginia. If you would like to know more I would be happy to answer any questions you have.

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