McLean Single Family Home Market Rocks in September

From examining McLean single family home sales that closed in the last four Septembers, it is clear that at least here, the housing market downturn has hit bottom and is now clearly on its way back. In fact, the 33 homes sold in September 2009 in McLean is more than any of the three previous Septembers, including September 2008 (17 sold), September 2007 (31 sold), and September 2006 (24 sold). Not surprisingly, September 2008 is the low point, which was the month that the stock market collapsed and people suddenly lost up 40% of their net worth in a matter of weeks.

Home sale prices also rebounded in September 2009, with a median sold price of $969,974 compared to a median sold price of $835,000 in September 2008. We are still not back to where we were in September 2007, where the median sold price was $1,089,019, or near the height of the market in September 2006, where the median sold price was a $1,112,500.

Below is a chart comparing the last 4 Septembers in McLean. I will take a look at condos and townhouses in future posts.