McLean and Great Falls 3rd Quarter Market Update

by Karen Briscoe
October 2, 2019
First 3 Qtrs. 2019 Comparison to
Same Time 2018 and 2009
McLean and Great Falls
Real Estate Market Update
To date 2019 is one of the best real estate markets in over a decade.  Happy days are here again! Total sales in McLean and Great Falls are up year over year by around 5%.  The numbers tell the story.  In McLean and Great Falls in the first three quarters of 2019 there were 904 sales.  In the same time frame for the previous year, 2018, there were 865. 
 
The most improved segment is the price range of $1 to $1.25 m as represents the move-up buyer.  Confident that their lower priced home will sell quickly, maybe even with multiple offers and over list price, they are ready to take the leap to the next price point. 
 
The price ranges below $1.25 m in many cases represent condos, town homes and the tear down homes for lot/land value in McLean and Great Falls.  An indication that properties may be selling off market directly to builders is that the under $750,000 price point went from 265 to 248 transactions overall in these communities.  Statistics tell one story and data that isn’t available tells another. 
 
In most cases, a property that is properly marketed on the Internet by a professional experienced real estate agent will sell for the strongest price.  Competition is a force that is as strong as gravity.  Be aware that there are those that target homeowners who may not be savvy or represented and advise them to sell direct. 
 
The best news is that in 2019 the market has considerably improved over a decade ago, up over 40%.  The bottom of the market year of 2009 represented only 644 total sales compared to 904 to date in 2019.    
 
The final quarter of 2019 predictions for the real estate market indicate more good news!  As interest rates remain steady, home buyers can purchase with confidence.  Homes that show well and are priced correctly sell.  Home sellers who are looking to make a move in 2019 can still make that a reality. 
 
Karen Briscoe with HBC Group at Keller Williams is an active and experienced Realtor® in the Northern Virginia marketplace.  Karen, alongside her partner Lizzy Conroy and team, works with sellers, buyers, investors and builders in all price ranges.    www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.
Karen Briscoe is a partner of the Huckaby Briscoe Conroy Realty Group (HBC). The HBC Realty Group has been named to the Wall Street Journal Top Realtor® Team List. Over the years, the group has sold over 1,000 homes valued at over $1 billion...
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