Mc Lean appreciation rates and housing market information

Mc Lean housing market information

With 18,554 people, 7,765 houses or apartments, and a median cost of homes of $706,539, Mc Lean house prices are not only among the most expensive in Virginia, Mc Lean real estate also is some of the most expensive in all of America.

large apartment complexes or high rise apartments are the single most common housing type in Mc Lean, accounting for 73.88% of the town's housing units. Other types of housing that are prevalent in Mc Lean include single-family detached homes (18.53%), row houses and other attached homes (6.25%), and a few duplexes, homes converted to apartments, or other small apartment buildings (1.33%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

People in Mc Lean primarily live in small (one, two, or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Mc Lean has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Mc Lean built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Mc Lean built from 1940-1969 (18.97%). A lesser amount of the housing stock also hails from 1995 and later (16.43%), and some were built from 1939 and earlier (16.43%).

Mc Lean home appreciation rates

In the last 10 years, Mc Lean has experienced some of the highest home appreciation rates of any community in the nation. Mc Lean real estate appreciated 111.28% over the last ten years, which is an average annual home appreciation rate of 11.12%, putting Mc Lean in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Mc Lean definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Mc Lean appreciation rates have trailed the rest of the nation. In the last twelve months, Mc Lean's appreciation rate has been -10.60%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mc Lean were at -0.62%, which equates to an annual appreciation rate of -2.48%.

Notably, Mc Lean's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Mc Lean's latest annual appreciation rate is higher than 9% of the other cities and towns in Virginia.