Welcome to The Stillwell Group Market Update, I’m Lee Stillwell.
If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.
According to Bright MLS, the marketplace for McLean, VA residential properties, here’s what happened in May Vs April 2023:
The number of sold listings Increased by 44% to 52 properties with a top sale of $5.1 million at 1059 Rector Ln
The Average Sales Price Decreased by 10% to $1.8 million and the Average Price Per Square Foot is $444.
The inventory of properties available for sale is measured in month supply and it Decreased by 46% to 2.29 month worth of properties for sale.
The 30-year fixed mortgage rate is at an average rate of 7.4% according to Freddiemac.com.
If you’re thinking about buying or selling residential real estate now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.
Thanks for tuning in, we’ll see you in the next Stillwell Group Market Update.