by Karen Briscoe
April 6, 2022
The first quarter of 2022 has been one of the most robust real estate markets in McLean and Great Falls on record. There likely could have been more sales had there been homes available for purchase. The total number of sales was 270, down 9% from the same period one year ago in 2021. The market is stronger than it was a decade ago in 2012 when there were only 185 sales.
Price appreciation was realized across the board in the zip codes representing McLean, 22101 and 22102 and Great Falls which is 22066. So much so that sales under $1 m comprised only eighty transactions whereas in 2021 it represented 123 which is a decrease of 35%. The most significant gains were the over $2 m which saw an increase of number of sales from 58 in 2021 to 84 in 2022, which is a 49% jump.
Housing demand in 2022 is due to several demographic factors. As the largest segment of the US population, Millennial’s continuing to account for over half of new home purchase mortgage loan applications. Multi-generational households are still the trend in the Gen X demographic. And many baby boomers are choosing to age in place and purchase a second home.
The commitment by the Federal Reserve to address inflation has met with an increase in mortgage interest rates. Uncertainty in the stock markets and unrest abroad has led to many investing in real estate as a safe haven.
The outlook for the McLean/Great Falls real estate market is positive! As a seller, take advantage of low inventory and continued high demand. Homes priced correctly for the market and in good show condition command top dollar. If you are considering buying, consult with an experienced agent on how to navigate the 2022 market. There are still many great opportunities!
Karen Briscoe, Lizzy Conroy, and Jenny McClintock with HBC Group at Keller Williams are active and experienced Realtors® in the Northern Virginia marketplace. The team of agents represent sellers, buyers, investors, and builders in all price ranges and are available to assist with your real estate needs! www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.