1st Quarter 2019 Market Update! - McLean and Great Falls

By
Real Estate Agent with Huckaby Briscoe Conroy Group - Keller Williams

First quarter 2019 went out like a lion on March 31st with breezy weather in Northern Virginia.  The real estate market behaved similarly at the end of the first three months of the new year.  The numbers have been tallied for real estate sales in McLean and Great Falls and indicate down year over year by 14%, 183 compared to 214.  The good news is the market has considerably improved over 2009, a decade ago, which totaled only 108.  The market shifts are likely due to several factors.    

In many price segments inventory levels are low relative to demand.  This is particularly the case at the lower price points.  In these market dynamics, buyers are faced with several options:  raise their purchase price range, make concessions, or wait until more choices became available.  There are those that sit on the sidelines, putting their move on hold in hopes that prices will soon be in line with their purchasing power and/or for more homes to become available. 

Interest rates have remained steady and in some cases are back to historic lows.  As interest rates rise, buyer’s purchasing power is affected.  There can be a positive market impact as buyers have urgency to purchase and lock in their interest rate.

All brackets have improved considerably in comparison to the 2009 market a decade ago.  The communities inside the beltway continue to remain the strongest due to the most housing type options and proximity to DC metro center.  Outside the beltway McLean zip code of 22102 offers both condos in the Tysons market as well as estate style houses on large lots.  That area has experienced either flat demand and in some cases is a bit down year over year.   The 22066 Great Falls zip code remains generally steady year over year.   

As we move into the spring real estate selling season of 2019, there are strong indications that homes priced well and in good condition will settle for solid prices. As demand continues to remain strong relative to supply, some market segments may experience price appreciation.

The relocation buyer is making a comeback to the Northern Virginia market area.   McLean and Great Falls are top choices of communities in the metro region for schools, restaurants, culture, shopping, parks and other amenities. 

Home Buyers in the area can still purchase with the confidence that purchasing in an up market cycle frequently proves advantageous over time.  Home Sellers now is the time to work with professional agent if 2019 is your year to make a move!  

Karen Briscoe with HBC Group at Keller Williams is an active and experienced Realtor® in the Northern Virginia market place.  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.

Posted by

Karen Briscoe

Realtor®, Principal : HBC Group – KW

c. 703.582.6818 | o. 703.734.0192

f. 1.888.919.1314


    

  

 

Licensed in the Commonwealth of Virginia | Keller Williams Realty - 703.636.7300

6820 Elm St | McLean, VA 22101

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Tags:
1st quarter
great falls
mclean
karen briscoe
hbc group

Spam prevention
Show All Comments
Rainmaker
648,695
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Apr 03, 2019 10:29 PM #1
Rainmaker
167,160
Karen Briscoe
Huckaby Briscoe Conroy Group - Keller Williams - McLean, VA

Sally,

Yes!  Happy spring!

Here's to Your Success!

Karen Briscoe, Author: Real Estate Success in 5 Minutes a Day
Contributing writer @ Inman News  |  REAL Trends Contributing Author
  
 
Top 1% of Real Estate Books - Order  NOW on Amazon!
Inman Featured 2017 "must read" book choice!
Get Social with 5 Minute Success:
      
Need More of the 5 Minute Success Inspiration? Check out our weekly podcast!
Apr 14, 2019 06:50 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
167,160

Karen Briscoe

Ask me a question
*
*
*
*