The McLean, Virginia Market Report

MARKET REPORT

The State of the Market

As we reflect on the year ending 2023, one thing is clear: homes in McLean, Virginia are in high demand.

Due to its desirable location inside the Capital Beltway in Northern Virginia, McLean, Virginia benefits from its convenience to downtown Washington, D.C. and major employment hub of nearby Tysons, Virginia.

Among the most prosperous communities in the United States, with an average household income of over xxx, McLean, Virginia is largely characterized by large homes in quiet, tree-lined neighborhood that are coveted by the region’s top business executives and political figures.

The most expensive home sold in McLean, Virginia for the year ending 2023 was a custom residence in the acclaimed Langley Farms neighborhood.

Located on Chain Bridge Road — just next door to the iconic Hickory Hill estate — the home features over 8,000 square feet of interior living space and nearly 2 acres of immaculately landscaped grounds. The home sold for $13,250,000 in June 2023 after 102 days on the market.

Just down the street on Langley Lane, a 12,861 square foot French Norman style residence built in 2010 by acclaimed custom home builder Galileo Signature sold in January 2023 for $10,800,000.

Another home on Chain Bridge Road which was recently re-imagined by award-winning residential architecture firm Randall Mars Architects sold in June 2023 for $5,425,000.

“McLean, Virginia is among the most desirable communities in Northern Virginia,” says Byron V. Hughey, Vice President at TTR Sotheby’s International Realty.

“Because of its unique history as an enclave for the region’s most powerful and influential leaders in business and society, McLean, Virginia has long been a place you aspire to be — an address that comes with a sense of accomplishment and prestige.”

For those seeking to purchase a single family home in McLean, Virginia, you can expect to pay an average of $596.52 per square foot and an average total sales price of $2,103,986. Single family homes in McLean, Virginia typically sell in 29 days.

For those seeking a new construction homes in Mclean, Virginia, options are available — with new construction representing 16% of all residential home sales — but come with a hefty price tag,

In McLean, Virginia, for the year ending 2023, the average sale price for a new construction single family home was $3.04 Million, while more modestly-sized new construction town homes sold for an average of $1.00 Million.

Among the most desirable communities in the United States, raw land in McLean, Virginia is scarce, with only 19 land sales recorded for the year ending 2023 and an average price per acre of $2.50 Million.