McLean is considered an affluent community, where the average sold price was $1,109,778, but the median sold price was $695,000 - over $300k difference!. What's the cause?
If we look at the median sales price, we can see a dramatic drop in the price of homes in McLean:
But interestingly, the Sold to Original List Price actually went up and Days on Market went down!
In the graph below, we see that sales are up for homes in the $600k-$800k price range, but has slowed down for the higher price ranges. This price range typically indicates an older home in the area. McLean is a very desirable neighborhood to live in, so we can see that when sellers put their homes on the market, they are getting close to their asking price and the days on market is decreasing. So, if you are thinking about selling your home and have a house that is in this price range, the market is still strong! If you have a million dollar home, it will take a much longer time to sell.