2022 First Half Market Study

by Karen Briscoe
July 11, 2022


2022 – Strong Seller Real Estate Market in McLean and Great Falls

First Half 2022 Compared to Same Time Frame 2021 to 2012

By Karen Briscoe

The first half of 2022 has been one of the strongest Seller 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 647, which was down 15% from the same period one year ago in 2021. The market is significantly stronger than it was a decade ago in 2012 when there were only 483 sales.

Sellers realized price appreciation 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 in the 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.

Karen Briscoe is Principal of the Huckaby Briscoe Conroy Group (HBC) and author of "Real Estate Success in 5 Minutes a Day". She is an Associate Broker in Virginia, a Certified Luxury Home Market Specialist, and a member of the Women’s Council of Realtors. Karen began her real estate career developing residential lots with the Trammel Crow Company in Dallas, and in commercial real estate with The Staubach Company in the Washington, DC Metro area. Karen has a Masters Degree from Southern Methodist University and her BA from Stephens College in Columbia, Missouri – her hometown.
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