McLean, VA Real Estate Market Update – December 2009

The McLean Virginia real estate market has been very interesting of late. Average sale prices are down just a bit from 2008 (6% for 22101 and 2 % for 22102), while the median sale price has skyrocketed from 2008 (32% for 22101 and 67% for 22102). Let’s look at the numbers:

22101

Average Net Sale Price for a Detached House: $1,085,030 after 141 Days on the Market
Range: $325,000 – $2,300,000

Average Net Sale Price for a Townhouse: $844,125 after 98 Days on the Market
Range: $549,000 – $1,050,000

22102

Average Net Sale Price for a Detached House: $1,030,428 after 166 Days on the Market
Range: $449,000 – $1,820,000

Average Net Sale Price for a Townhouse: $670,140 after 24 Days on the Market
Range: $575,000 – $806,700

Average Net Sale Price for a 1 Bedroom Condo: $260,000 after 84 Days on the Market

Average Net Sale Price for a 2 Bedroom Condo: $363,256 after 56 Days on the Market

Market Share Info: total of 64 properties sold; 7 were short sales and 3 were bank-owned…making 15.6% of the properties in distress.

The other interesting note on the market in McLean is that the days on the market for 22101 is up 26% from 2008, while 22102 has seen an 18% decline.