Brian Block -- Northern Virginia & D.C. Real Estate

Everyone buying a home wants to know the average home prices in the areas that interest them. People planning to sell their homes like this information too. While real estate is extremely hyper-local, just getting an idea of prices in a particular area can be helpful. Home prices vary greatly from one locality to the next.

Here's a quick and easy guide to the average prices in different cities and towns in Northern Virginia -- note that within each of these areas prices can vary widely depending upon particular neighborhood. This is a general guide just to prices within the cities and towns.

I've broken it down by type of home -- detached single family, townhouse, and condo. You should also note that these averages are based on MRIS data of currently listed homes. The data does not include for sale by owner properties, and does not necessarily indicate the prices for which these homes will eventually sell. The numbers are meant to give you a general landscape of the different average prices by jurisdiction.

ALEXANDRIA

Detached $975,816
Townhouse $909,432
Condo $323,811

ANNANDALE

Detached $614,283
Townhouse $339,196
Condo $139,810

ARLINGTON

Detached $995,863
Townhouse $718,379
Condo $522,667

BURKE

Detached $644,839
Townhouse $311,589
Condo $189,975

FAIRFAX

Detached $746,033
Townhouse $450,917
Condo $261,364

FALLS CHURCH

Detached $776,188
Townhouse $467,817
Condo $423,050

MCLEAN

Detached $2,085,052
Townhouse $853,474
Condo $500,265

RESTON

Detached $777,019
Townhouse $478,080
Condo $365,362

SPRINGFIELD

Detached $565,446
Townhouse $315,143
Condo $159,780

You can certainly see the disparity between the different locations. Use this as a handy-dandy guide to helping you choose where to purchase your next home. The average home in McLean is obviously very different from the average home in Springfield.

Of course, for a more detailed pricing guide broken down to a more micro level including zip codes or particular neighborhoods, feel free to contact me anytime.

Hip bars, cool restaurants, close to a beach, affordability, young & beautiful population.

Sure these are all things that attract newly graduated college students. But what really gets them flooding into any metropolitan area is the prospect for work. College grads go where the jobs are. They have no choice -- those college loans have to be paid off somehow!

While the rest of the country is bleeding jobs, the D.C. area is adding them. According to a report from Reuters, college graduates increasingly see the Washington DC area as a very attractive place to live and work:

"D.C. is the only place where we can point to
that is actually adding jobs right now, and we
also know that the government is hiring thousands
of people to oversee both the (economic) stimulus
package and all the associated projects," said
Marisa Di Natale, Senior Economist for Moody’s
Economy.com.

The article discusses how many graduates are "shunning Wall Street for Washington." When I graduated from the University of Pennsylvania in 1995, most of my friends (many of them Wharton students) went up to New York City to start their careers. I came down to D.C. for law school, practiced law, stuck around, got married, and got into real estate. At the time, my path was the anomaly.

Apparently no more!

Jobs = College Grads = Growth of Economy = Housing Market Recovery

As of today, June 8th, there are 397 homes on the market for sale in McLean, Virginia. 80 of these were listed for sale within the last 30 days

This chart shows the current inventory, number of pending sales and average list price sorted by neighborhoods within McLean:

The average listing price for all homes currently on the market in McLean is $1,751,018. Of the 397 homes, 256, or 64% of all McLean Virginia homes listed for sale are priced above $1 million. Interestingly, there were 55 sales of homes in McLean in the last 30 days. 16 of these, or 29% sold for over $1 million. The discrepancy points to the fact that the higher priced homes are not selling as rapidly.

However, the average sales price of a home in McLean, Virginia in the last 30 days was $906,848. Certainly nothing to sneeze at!

Additionally, there are 152 pending sales in McLean.

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for April 2009. All information was obtained through MRIS.

Overall, there were 61 sales topping $1 million during the month of May 2009, a 50% increase from the 40 that sold in April. The luxury market seems to be heating up a bit. Or maybe it's just those Maryland Millionaires moving down our way to Virginia.

MAY'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7724 Georgetown Pike, McLean, VA 22102 -- Sold on May 8th for $7,850,000.
  Wow! What a sale. Though the economy has surely taken its toll since this one sold for $2.65 million below the asking price of $10.5 million. This stone mansion custom built in 2006 has over 22,000 square feet of living space! On 5 acres, this magnificent home features 9 bedrooms, a 6 car garage, 12 full baths and 5 half bathrooms. Space to entertain, for sure.
  
  
• 860 Nicholas Run Drive, Great Falls, VA 22066 -- Sold on May 5th for $2,600,000.
  With over 12,000 square feet of space, this home includes an elevator and a first floor "Grand Ballroom." This house was built in 2007 and sold after over a year on the market for about $400K under the $3 million asking price.
  
  
• 909 Whann Avenue, McLean, VA 22101 -- Sold on May 14th for $2,600,000.
  5 bedrooms, 4 full bathrooms in this large Colonial home in the Langley Forest area of McLean. The home features a gourmet kitchen, patio, and landscaped gardens. The finished 3rd level is perfect for an office or second master bedroom.
  
  
• 1324 Ballantrae Farm Drive, McLean, VA 22101 -- Sold on May 15th for $2,360,000.
  Even though this home is 25 years old, Ballantrae Farms in McLean is perenially popular. The interior features a marble foyer and gourmet kitchen. There's a billiards room, 6 bedrooms, 6 full bathrooms, and an outdoor pool.
  
  
• 9211 Black Riffles Court, Great Falls, VA 22066 -- Sold on May 6th for $2,250,000.
  On 5 acres in Great Falls, this home sits on a circular dirveway at the top of a scenic knoll in a cul-de-sac. There are 5 bedrooms and 10 full bathrooms! With 5 fireplaces and 8 garages, a pool, gym, and maid's quareters, this home will delight its new owner.
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Note: 26% of the million dollar plus single family homes that sold in May were sold in McLean. It's a Great Place to Have a Real Estate Office, I Can Tell You That.

Townhouses:

• 114 Madison Place, Alexandria, VA 22314 -- Sold on May 8th for $1,175,000.
  Overlooking the Potomac River, this townhouse features an open floor plan with a gourmet kitchen. It has 3 bedrooms, 4.5 bathrooms, and is steps away from the bike path, health club, and shops and restaurants in Old Town Alexandria. It has a 2 car garage and 4 levels of luxury living.
  
  
• 1510 Colonial Terrace, Arlington, VA 22209 -- Sold on May 15th for $1,100,000.
  2.5 blocks from the Rosslyn Metro and 3/4 mile from Georgetown, this townhouse features of 3,200 square feet of living space with an enormous master suite with luxurious new bath. The townhouse was built in 1991.
  

• 421 S. Lee Street, Alexandria, VA 22314 -- Sold on May 1st for $1,075,000.
  Right in the heart of Old Town Alexandria, this 3 bedroom townhouse was originally built in 1810. There's a 2 story addition of a kitchen and master suite.
  
  
• 325 N. Pitt Street, Alexandria, VA 22314 -- Sold on May 29th for $945,000.
  Also in Old Town Alexandria, this brick townhouse built in 1971 was renovated with wood floors, and a sleek kitchen. 4 bedrooms 3.5 bathrooms on 3 levels.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 11776 Stratford House Place #1404, Reston, VA 20190 -- Sold on May 15th for $745,000.
  This Penthous condo in Reston offers great views of Tysons Corner. With 3 bedrooms and 3 bathrooms, it is walking distance to the Reston Town Center and the first Penthouse to sell at the Stratford in 5 years.
  
  
• 888 N. Quincy Street #1512, Arlington, VA 22203 -- Sold on May 15th for $696,000.
  A 2 bedroom 2 bathroom condo at the Residences at Liberty Center. From the 15th floor there's a panoramic view of the entire DC area -- not to mention the 24 foot balcony!
  
  
• 1600 N. Oak Street #527, Arlington, VA 22209 -- Sold on May 20th for $657,500.
  1420 square feet of space in this 2 bedroom 2 bathroom condo at the popular Belvedere in Rosslyn. The large gourmet kitchen with new cabinets and granite counters complete the package.
  
  
• 2101 N. 15th Street #1201, Arlington, VA 22201 -- Sold on May 20th for $610,000.
  Often on the list of highest price condos sold, here's another sale of a 2 bedroom 2 bath condo at the Odyssey condos in Arlington. When you get bored of your 1,135 square foot unit, head up to the rooftop pool!
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA

Contact Brian Block, Managing Broker, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. 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, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

In real estate, as you know, there are three important words. Location. Location. Location.

Whether it's a potential homebuyer deciding upon where to live, or a seller trying to value their home, location plays the primary role. I always tell people that you can change the home both interior and exterior on your own. However you cannot change the location.

The same rule applies when deciding where to establish a business. In this case, a real estate office.

My RE/MAX office is located in McLean, Virginia.

Take a look at this short video which covers a recent study that named McLean, Virginia as the wealthiest community in America.

Emulating what the banker said in the video clip:

I can attest that McLean, Virginia is a Great Place to have a Real Estate Office.

And you can quote me on that.

Do you want to buy a house in McLean? Click here to start your McLean home search.

Want to sell your McLean home? Click here to get a market analysis of your McLean home.

Are you a Northern Virginia real estate agent that wants to join a dynamic brokerage in an office in the most affluent community in the country? Give me a call at 703-626-0715 or contact me by e-mail. We're always looking for enthusiastic and experience agents.

Interested in getting your real estate license? I'm teaching the class starting in June. Click here for more information and to register for the Virginia real estate salesperson pre-licensing course.