According to Forbes, McLean, Virginia ranks as the fourth most affluent community in the United States based on a median household income of $156,292. The Forbes website states that "[t]his Washington, D.C., suburb is favored by government insiders because of its upscale homes and easy access to the Dulles Technology Corridor, the Blue Ridge Mountains and upscale shopping mecca Tysons Corner Center."
In garnering the fourth spot on this list, McLean was bested only by Los Altos CA, Darien CT, and Southlake TX.
Being an affluent community translates directly into expensive housing prices.
McLean truly is where the money is at when it comes to real estate. At 18.5 square miles, McLean comprises a mere 4% of Fairfax County's vast 407 square mile geography. Yet, with 219 homes on the market in McLean priced at $1 million or more, this small community accounts for over 30% of all homes in that price range in the county.
The numbers are even more striking in the multi-million dollar price range where McLean inventory (homes over $2M) accounts for nearly 49% of available Fairfax County houses at that level. (Most of the rest are in neighboring Great Falls, VA).
Here's a quick snapshot of the current housing market in McLean as of December 9, 2008:
358 McLean homes on the market
Prices range from $179,000 for a one bedroom condo to $15 million for a 9 bedroom, 9 bathroom, 8 fireplace, 1.4 acre estate.
With 219 homes priced at $1 million or more, the average asking price for a home in McLean is $1,885,250.
555 homes have sold year to date in McLean, Virginia. 186 of these sold above the $1 million mark.
For the month of November 2008, there were 32 sales in McLean at an average sales price of $1,383,473 which equates to 93.60% of the listing price. Thus, there is quite a bit of room for negotiation of price.
The median sales price for November (which sometimes offers a clearer picture of the market) was $787,500 and homes that sold in McLean in November were on the market for an average of 98 days.
Do you want to know what your McLean home is worth? CLICK HERE FOR A SALES PRICE ANALYSIS.
Ready to buy in McLean?
Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, McLean, Springfield, Washington D.C., contact Brian today.
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