As part of my weekly real estate research, I look at different neighborhoods in Northern Virginia. I see what the sales trends are, and what the current inventory looks like. This week I took a look at the past 12 months in the Chesterbrook neighborhood of McLean.
Chesterbrook / Chesterbrook Estates is a highly sought-after area in McLean, and considered to be one of the best neighborhoods for families in all of Virginia.
The area is made up predominated of medium (3 or 4 bedroom) to large (5 or more bedrooms) single family homes and town homes.
42 homes sold in the area in the past 12 months, 28 for less than $1.25 Million and 14 for over $1.25 Million.
Here are the numbers:
Home Sales May 2013-May 2014
– 42 sales
– Average List Price: $1,269,753
– Average Sold Price: $1,246,969
– Average Lot SF: 17,243
– Average Living SF: 2,853
– Average Days on the Market: 74
Home Sales Under $1.25 Million
– 28 sales
– Average List Price: $1,027,634
– Average Sold Price: $1,016,571
– Average Living SF: 1,935
– Avg Days on Market: 40
Home Sales Over $1.25 Million
– 14 sales
– Average List Price: $1,753,992
– Average Sold Price: $1,707,764
– Average Living SF: 4,689
– Avg. Days on Market: 143
Market Insights: Home sales have been very consistent in Chesterbrook for the past 12 months. More homes sold in the lower end of the market ($1.25 million or less) in the past year than in the previous 12 month period, and homes in that price range saw a stronger list price to sale price ratio than in May 2012-May 2013.
The high end of the market saw less sales activity in May 2013-May 2014 than in the previous 12 month period. However, the list price to sale price ratio was the same for both periods. This indicates that there probably fewer homes for sale in the higher price range between May 2013-May 2014.
Current Inventory: As of the end of May, there are 11 homes for sale in Chesterbrook/ Chesterbrook Estates: 6 homes listed for under $1.25 Million, and 5 homes listed at or over $1.45 Million. Recent sales indicate that homes in the lower price ranges are still selling at a quick pace, while home sales in the upper end of the price range are a bit stagnant. If you’re thinking of selling in this area, you should speak to a good Realtor® about your selling goals. They can help you determine the current market value of your home, and advise you on the best time to list your home for sale.
Want to learn more about Chesterbrook? Please feel free to call me any time at 571-305-2405, or email me: lsagatov@kw.com
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