With the downturn in real estate starting in 2007 and the stock market crash just prior to the 2008 elections, people were wondering how this would impact a high-end area like McLean where home values doubled and tripled during the previous decade. The median sales prices for single family McLean homes has fallen each year from $1,075,000 in 2006 to $900,000 in 2009. This represents a median sold price drop of $175,000 or 16 percent over the past four years. Considering what's happening to the real estate market in general and McLean's higher home prices, a 16% course correction doesn't seem too bad.
The median days on the market was also at its highest point in 2009 (71) compared to the three previous years, nearly double the 2006 figure of 36. Certainly buyers are more cautious these days, so this isn't surprising. Plus the entry level price points for single family homes in McLean is very competitive and homes here aren't staying around that long while the more expensive properties are hanging longer on the market.
One very positive sign is the number of homes sold in 2009. Over the past 4 years, after reaching a peak of 452 homes sold in 2007, the total number that changed hands dropped to 380 in 2008. Last year, the number sold went back up to 422, more in line with the 2006 figure of 435.
See the table below for a comparison of the last 4 years of single family home data for McLean. Data is courtesy of MRIS.
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