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May 2009 Real Estate Market Update – McLean, VA June 10, 2009

Posted by Laura Schwartz in McLean.
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McLean is a very interesting area of Northern Virginia. Nearby to Tysons Corner, Washington, D.C., and many of the central locations for Government Agencies and contractors, McLean was ranked #4 by AOL for “Smartest Suburb”. I’ve broken out the statistics for McLean into 2 zip codes: 22101 and 22102. They have different characteristics that make it hard to lump the 2 into one category. See the stats below:

22101

35 Sales in May

32 Single Family Homes

Average Sale Price: $1.085M after 100 days

Sale Ranges were $387k to $2.63M

Only 3 Townhouses

Average Sale Price was $860,000 after 22 days

Sale ranges were $665k to $1.055M

22102

18 Sales in May

4 Single Family Homes

It’s hard to calculate an average when the sale prices were $680k, $980k, $1.85M, and $7.85M

2 Townhouses

Also hard to calculate an average – sale prices were $728k and $573k

Condos

1 bedroom, 1 bath: $223k after 65 days

2 bedroom, 2 bath: $319k after 49 days

Again…McLean can be ALL over the place with sales. You’ve got a ton of new construction on large lots of land, and you have older homes on busier streets and smaller lots. So you have to be mindful of details when calculating averages. This is just a large overview of the local market!

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