Home prices across the country and here in McLean are on the upswing from 2011 as the real estate market continues to stabilize, according to Case-Schiller Housing Index data released Tuesday.
In the D.C. metro area, the seasonally adjusted price index (which measures the average sale price for single-family homes) for November 2012 was 188.12—that's up from 180.15 in November 2011 and 182.82 in November 2010.
The numbers are calculated based on the repeat sale of existing single-family homes, where the baseline of 100 is the average price as of January 2000.
Home prices have risen significantly in the D.C. metro area since 2000. The high point in the D.C. metro area was in May 2006, when the index hit 251.19. The bottoming out of the index in our area after the real estate boom was in April 2009, when the index declined to 169.73.
What does it all mean in real dollars?
According to data from Trulia.com, a real estate site, the median sales price for homes in McLean was $795,000 between October and December 2012, the most recent data available for the area. The median price is down about 3.6 percent from the third quarter (July through September) of 2012.
The median price of residential properties throughout Fairfax County between October and December 2012 for most ZIP codes ranged from $273,000 to more than $1 million. ( You can look up your ZIP code here.)
There are 215 residential properties on the market with McLean addresses right now.
The most expensive home with a McLean address is 636 Chain Bridge Road—a 10 bedroom, 15 bathroom estate on 6.5 acres. It has eight fireplaces and a five-car garage in addition to high-end amenities. The home was built in 2012. See the listing here. (The home is not included in the Case-Schiller Housing Index because it has no previous owners aside from the developer, The Building Group.)
Looking for a home? Check out Patch's real estate section here for homes for sale in McLean, mortgage information and more.
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