McLean, VA

In October 2009, 24 single family homes closed in McLean, with a median list price of nearly $1.6 million and a median sold price of $1.47 million. Both the median list and sold prices are significantly higher than October 2008, where more homes sold (30), but at a significantly lower price ($912,000 and $865,000, respectively).

The median DOMP was more than double in October 2009 than in the two previous Octobers, and more than 4 times higher than in October 2006. This is most likely due to the fact that the homes that sold in October 2009 were much more expensive than the three previous Octobers, which typically take longer to sell. The entry level homes for McLean sold significantly faster and tended to do so earlier in the year.

Below is a chart comparing October single family home sales for the last 4 Octobers. Data is gleaned from MRIS.

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 October 2009. All information was obtained through MRIS.

Overall, there were 55 Northern Virginia home sales topping $1 million during the month of October 2009, on pace with the 54 sold in September but down from 76 in August 2009.

Currently, there are 798 homes on the market in Northern Virginia with list prices topping $1 million down from 845 that were on the market last month.

OCTOBER'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 8105 Spring Hill Farm Drive -- Sold on October 1st for $3,668,000
  This brand new construction home in the Spring Hill Farm neighborhood of McLean has 6 bedrooms, 6 full and 2 half bathrooms.
  
  
• 1159 Crest Lane, McLean, Va 22101 -- Sold on October 26th for $3,500,000
  While it sold for almost $900K under the asking price, this 1999 home features breathtaking views of the Potomac River and is located on 2.4 wooded acres. Besides 4 bedrooms and 5 full bathrooms, the home has a domed rotunda foyer, first floor master suite and floor to ceiling windows.
  
  
• 7687 Ballestrade Court, McLean, VA 22102 -- Sold on October 8th for $3,300,000
  Built in 2006, this home sold for nearly $1 million under the asking price. Comprising 10,500 square feet of living space, the McLean home has a movie theater, 5 fireplaces and a 3 car garage. Located in The Reserve in McLean, this home has 5 bedrooms and 6 full and 2 half bathrooms.
  
  
• 214 River Park Drive, Great Falls, VA 22066 -- Sold October 30th for $3,000,000
  This custom residence built in 2008 has over 11,000 square feet of space, hand made cabinetry, wide plank walnut flooring, and designer tiles. With 6 bedrooms, 7 full and 3 half baths, and 5 fireplaces on 1.72 acres, there's room to roam.
  
  
• 605 Deerfield Pond Court, Great Falls, VA 22066 -- Sold October 9th for $2,200,000.
  Situated on 1.75 acres, this home has fantastic views of landscaped grounds and multi-level terraces. The 4 level, 14,000 square foot interior features an elevator, indoor pool, and main level owner's suite. The room count weighs in at 6 bedrooms, 8 full and 2 half baths and 7 fireplaces!
  

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA

Townhouses:

• 225 N. Lee Street, Alexandria, VA 22314 -- Sold on October 22nd for $1,149,000.
  Located on Queens Row, this home built in 1998 sold for asking price. It has an expanded gourmet kitchen with granite counters, stainless steel high-end appliances and about $200K in upgrades throughout the townhouse. Right in the heart of Old Town Alexandria, this one sold quickly.
  
  
• 1545 N. 22nd Street, Arlington, VA 22209 -- Sold on October 28th for $1,130,000.
  Palisades Park townhouses sell quickly and this one was no different spending a mere 8 days on the market. This home features Potomac River views from all 4 levels, 3 bedrooms, 3 full and 2 half bathrooms, and 2 gas fireplaces.
  
  
• 468 S. Union Street #9B, Alexandria, VA 22314 -- Sold on October 27th for $1,100,000.
  Another Old Town Alexandria home in the Harborside waterfront community. This townhouse has an elevator to all 3 floors and the chef's kitchen has a Thermador 6 burner gas range. The Master suite has a deluxe bathroom and Jacuzzi and custom walk-in closets.
  
  
• 228 N. Union Street, Alexandria, VA 22314 -- Sold on October 19th for $1,025,000.
  Also on Queens Row in Old Town Alexandria, this townhouse was built in 1998 and has 2 off-street parking spaces (a premium in Old Town). The home overlooks the Potomac River and Founder's Park.
  

SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums:

• 1101 S. Arlington Ridge Road #516, Arlington, Va 22202 -- Sold on October 23rd for $895,000.
  Located at The Representative condos near Pentagon City, this 3 bedroom 3 bathroom condo has 2,512 square feet of space and a terrific panoramic view of Washington D.C. With 2 garage spaces and a 378 square foot wrapped balcony, this is a great condo.
  
  
• 1023 N. Royal Street #307, Alexandria, VA 22314 -- Sold on October 26th for $835,000.
  Right in Old Town Alexandria, this two level 3 bedroom 3 bathroom condo has a private top floor terrace, 1,633 square feet of space and 2 full sized garage parking spaces.
  
  
• 1530 Key Blvd. #906, Arlington, VA 22209 -- Sold on October 30th for $830,000.
  Another 2 level condo, this one at the Atrium Condo in Rosslyn features a panorama view of Georgetown, the Potomac River, and Key Bridge.
  
  
• 1050 N. Stuart Street #900, Arlington, VA 22201 -- Sold on October 6th for $830,000.
  This corner penthouse at Ballston Park is another 3 bedroom, 3 bathroom condo comprising 1,984 square feet. It has 2 balconies with views of Georgetown. It also has a large den, marble foyer, and marble floors in the kitchen and baths.
  

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.

The McLean Mustangs will host the 2009 McLean Bowl this Saturday, November 7th at McLean High School's Stadium Field. The slate is now set with seven games beginning at 9:00 a.m. All participants will receive a tee shirt and an offensive and defensive Player of the Game will be selected for each team by the opposing coach. Here is the schedule of games:

Come on by and catch a game!

Tired of continually walking around those "things" in your basement from an era long ago when your had small children? Need to purchase kid's item at a significantly reduced price? The McLean Community Center (MCC) is offering an opportunity to do both!

Next Saturday, November 7th, the MCC is holding a Children's Flea Market from 11:00 a.m. to 1:00 p.m. Booth registration for those wishing to sell items is $55 ($45 for McLean district residents). Admission is free for those wishing to buy.

For more information, visit here.

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).