Table of Content
Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes . Over the last year, McLean appreciation rates have trailed the rest of the nation.
Local real estate agents are ready to help you find a home here. Work with a top McLean real estate agent to figure out the best selling strategy and start bidding wars on your home. Homes in McLean are staying on the market for 0 days on average.
Median Sold Price By Bedroom Count
This city had 71 entries in the past 12 months by 9 different contributors. Members receive 10 FREE city profile downloads a month, unlimited access to our detailed cost of living calculator and analysis, unlimited access to our DataEngine, and more. Our cost of living indices are based on a US average of 100. An amount below 100 means McLean is cheaper than the US average. A cost of living index above 100 means McLean, Virginia is more expensive. We use data, analytics, and a sense of humor to determine quality of life for places across the nation.
Because McLean has access to beaches and bodies of water, it appeals to people who love the outdoors. And, with its proximity to Washington, DC’s culture, nightlife, and many attractions, it’s ideal for both young professionals and growing families. NeighborhoodScout reveals the home appreciation rates for every city, town, and even most neighborhoods in America.
Homeownership Costs in McLean, Virginia
Average market rent is exclusively developed by NeighborhoodScout. It reveals the average monthly rent paid for market rate apartments and rental homes in the city, excluding public housing. Listing information is from various brokers who participate in the Bright MLS IDX program and not all listings may be visible on the site. Some properties which appear for sale on the website may no longer be available because they are for instance, under contract, sold or are no longer being offered for sale. Property information displayed is deemed reliable but is not guaranteed.
The median home cost of living in McLean, Virginia is $926,900. However, this does not cover other living costs, such as child care, utilities, groceries, and taxes. With a cost of living index of 203.0, it is considerably more expensive than the US average of 100.0 and Virginia’s overall 103.7 cost of living index. Homes in McLean receive 1 offers on average and sell in around 35 days. The average sale price of a home in McLean was $1.3M last month, up 2.4% since last year. The average sale price per square foot in McLean is $409, up 8.8% since last year.
McLean Cost Of Living Vs. Virginia
Here are some other things to keep in mind when looking at education costs in McLean. Can sell for about 7% above list price and go pending in around 5 days. It’s a place to connect with a local agent, explore financing solutions, schedule home tours, understand your buying and selling power, and more. Flood risk data is provided by Risk Factor™, a product of the nonprofit First Street Foundation. Risk Factor™ is a peer reviewed scientific model, designed to approximate flood risk and not intended to include all possible risks of flood.
Different neighborhoods within a city or town can have drastically different home appreciation rates. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within McLean differ in their investment potential, sometimes by a great deal. Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded, as are properties with mortgages whose principal amount exceeds the conforming loan limit.
The average effective property tax rate in the state of Virginia is 0.80%, meaning Virginians pay an average of 0.80% of their home value in annual property taxes. The average effective property tax rate in Fairfax County , however, is 1.03%. Though, combined with a statewide local rate of 1%, the effective floor for sales tax in the state is 5.3%. In addition to this rate, many localities impose their own sales tax.
According to the most recent data on the cost of living, McLean has an overall cost of living index of 220 which is 2.2x higher than the national index of 100. The cost of living index is set to 100 for the average place in America. An index above 100 means McLean is expensive, while a number below 100 means it's a relatively cheap place to live. Save this search to get email alerts when listings hit the market. Visit our Seller Resource Center, backed by top agents, data analysis, and rigorous research. Here’s what you can do next with your housing market report.
Across the nation, 3% of homebuyers searched to move into McLean from outside metros. Many homes get multiple offers, some with waived contingencies.
This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac . Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout's search algorithms. Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level.
In fact, there is a higher proportion of four, five or more bedroom homes in McLean than is found in 98% of the communities in America. Rocket Homes Real Estate LLC is committed to ensuring digital accessibility for individuals with disabilities. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests.
Fire risk estimates the risk of wildfires, based on the likelihood of burning in the future and the potential size and severity of a fire. Click on the risks below to learn which exist in McLean today and how they’ll change by 2050. Flood risk in McLean is increasing slower than the national average. No racist, discriminatory, vulgar or threatening language will be tolerated. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Secure your position in the market with a mortgage from Rocket Mortgage®, our sister company.
McLean, Virginia is a city located just eight miles northwest of Washington, DC. It is situated on the banks of the Potomac River. McLean is considered a suburb of Washington, DC and because of its proximity, it’s well known as a place where members of Congress, military, and government officials live. The headquarters of the United States Central Intelligence Agency is located northern area of McLean in Langley. Click on the risks below to learn which exist in Mclean Hamlet today and how they’ll change by 2050. Flood risk in Mclean Hamlet is increasing slower than the national average.
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