McLean, VA, Real Estate Market Prices, Trends, and Forecast 2023

McLean, VA, Real Estate Market Prices, Trends, and Forecast 2023

McLean is a safe haven for those who crave privacy and peace, including politicians, celebrities, military generals, and business people. This unincorporated community in Fairfax County, Virginia, is distinguished by its historical roots and incredible luxury homes. Widely known as one of the wealthiest cities in America, McLean offers upscale shopping, five-star restaurants and bakeries, beautifully appointed parks and community spaces, and top-rated schools.

McLean is a highly sought-after community due to its high cost of living and ultra-private atmosphere, resulting in a competitive real estate market. However, those who research and plan well in advance can be immensely successful in entering the McLean, VA, real estate market.

McLean is one of the wealthiest cities in the United States

Located between the Potomac River and Vienna, McLean is home to many historic locations, including the homes of Ethel Kennedy and Revolutionary War hero Light-Horse Harry Lee. Its proximity to Washington, D.C., means that many politicians and diplomats call the area home. McLean is also a business hub, with several major companies based in the area.

The cost of living in McLean is very high, and the community has made headlines as one of the wealthiest cities in the country. The median household income is more than double the national amount, with the average household reportedly earning $242,610 a year. This is the third highest among all U.S. cities and 251.5% more than the national average.

McLean median home price

McLean offers exclusivity and luxury, and those lucky enough to call the area home pay highly for it. The average cost of homes in Virginia is around $295,500. However, homes in McLean are often priced between $1 million and $5 million. Finding homes closer to the state average is possible, but they tend to be older houses or small townhomes.

McLean architecture and home styles

Virginia is home to a wide variety of architectural styles, both classic and traditional and sleek and modern. In McLean and the surrounding cities, you'll find a number of American Foursquare homes, which initially became popular in the 1800s and 1900s. These houses feature a clean, functional layout with a spacious family room and heartfelt touches, such as built-in cabinets. Colonial homes are also traditional. This enduring style has deep ties to Virginia's history, with most featuring a two-story layout and symmetrical windows.

If cozy and quaint is what you're looking for, craftsman-style homes might be the perfect choice. This style is known for its open floor plans and striking fireplaces. Many craftsman homes have large outdoor spaces made for family living, such as patios and spacious porches. In addition to McLean's historic styles, there's an abundance of new builds. Designed with contemporary influences, these brand-new homes come complete with all the amenities discerning homeowners could want, including luxurious en suites and energy-efficient features.

The current real estate market in McLean

In Virginia, it's still a seller's market, with the ongoing trend of supply and demand still going strong. For the past few years, since the onset of the COVID-19 pandemic, there have been too many buyers and not enough homes. Nearly everything listed on the market gets snapped up quickly, and even homes that haven't been upgraded often still sell for the asking price or above.

Many counties in Virginia are experiencing a seller's market after the pandemic, but some local housing markets are beginning to rebalance. Buyers might be starting to gain some leverage, but high mortgage interest rates are impeding progress. While this is great news for sellers and real estate investors, it could be challenging for buyers hoping to land their dream home in a flash.

Trends and 2023 real estate forecast

Ultimately, pent-up buyer demand and low inventory are keeping the real estate market extremely competitive, and this will likely be the case for the remainder of 2023. Going into 2024, some experts believe that home prices will begin to normalize. If this does happen, homes could become more affordable, and the balance of power would shift back to the buyer's side.

Guidance for selling or buying property in McLean

Buying a home in McLean can be a challenge, considering how competitive the market is and the sheer number of buyers who want to live in the area. It's vital to research in advance and get insight into the market conditions in the specific neighborhood where you're interested in purchasing a property.

Working with a Realtor is the single best way to embark on any real estate venture in McLean. When you get in touch with an experienced local Realtor, you can utilize their deep network of connections to learn more about how to sell real estate, buy real estate, or invest in a property you're interested in. There's a lot to the world of real estate, and any project in McLean comes with a set of specifications and guidelines. A Realtor can guide you through the process and assist with paperwork, scheduling, and appointments so you can focus on other important things.

Is now a good time to invest in McLean real estate?

It's a seller's market in McLean, so there's never been a better time to invest in real estate. Real estate investments can provide evergreen income, and with the area around McLean being such a popular spot for tourists, renting out a townhome, condo, or historic property can be an extremely lucrative venture. Investing in real estate means you'll need to contact various contractors and architects.

This is another reason why working with a Realtor can be so valuable. Realtors have direct connections to experienced professionals, so you don't have to research contractors on your own and take a gamble on your expensive investment. Your Realtor can also help you understand which properties might provide the best investment potential by reviewing neighborhoods and subdivisions with you.

5x5 Real Estate is your trusted partner for success in the McLean, VA, real estate market

If you're ready to start buying or selling property in McLean, or if you want to find your dream home in the area, the 5x5 Real Estate team can help. With years of experience working with luxury real estate in McLean and the surrounding areas, the team has the connections and abilities you need to make your real estate venture a breeze. Contact them to learn more about how to start your McLean real estate journey.

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Our experience, coupled with our drive to serve with unparalleled professionalism, allows us to represent clients in a very personalized way. Whether buying or selling, allow us to show you how we consistently exceed expectations, one client at a time.

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