With the downturn in the real estate market and the worsening economy last year, not surprisingly, the homes which tended to do the best were the entry level price points. This was true in McLean as it was everywhere in Fairfax County. Homes on the upper end tended to sit for longer periods of time and less sold as consumers, many first time home buyers, focused on the more affordably priced properties.
An examination of homes sold in McLean priced at $1,000,000 and more show a strong return of this market after a dip last fall. While the median home prices fluctuated over the last 14 months, with February 2009 at the highest ($1,900,000) and August 2009 the lowest median sold price ($1,245,500), the overall number sold bounced back starting in May of this year.
In August 2008, only 10 homes at $1 million or more sold and in September 2008, the number of homes sold dropped to 9. By comparison, 22 homes priced in this range sold in August 2009 and 16 sold in September 2009. Finally, DOM seemed to drop as well, with July and August posting the lowest average DOM-P of the 14th month at 133 and 134 respectively.
See the chart below for all the data (Source: MRIS).
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