Relocating or purchasing a rental property in McLean, Va., could be a lucrative investment in the current market. The community is home to some of the nation’s hottest zip codes, with government officials, diplomats, and members of Congress living there because of its suburban environment and proximity to Washington, D.C.
McLean is home to some of the country’s priciest real estate, especially when looking at single-family homes. Many apartments in McLean, Va., are affordable, though, creating opportunities for savvy investors. This guide looks at McLean’s current real estate and rental markets.
An Overview of McLean
Over 50,000 people live in McLean, but the community is part of the National Capital Region and its 6.3 million inhabitants. McLean offers a slightly slower pace of life than Washington, D.C., and, along with neighboring Tysons and Arlington, it has numerous amenities for its residents.
Much of McLean’s popularity is due to its abundance of luxury homes and the high-profile shopping destinations in Tysons. The community’s median household income of over $242,000 also drives property values and attracts businesses to the area.
Market Trends to Watch in McLean
Buying new apartments in McLean, Va., or any property for that matter, can be an excellent investment. Keeping an eye on the market is crucial to timing your purchase right. Here’s how the market is currently shaking out:
It’s a Buyer’s Market
McLean is entering a buyer’s market, as some property values are dropping. The median sale price in the community remains high at $1.2 million, but one-bedroom properties have dropped in value by 2.5% from 2021 levels and currently have a median sale price of $295,000. There are also more homes on the market than this time last year.
Rents Remain High
Due to McLean being a high-income area, rental prices are far greater than you’d find in neighboring communities. Studio apartments typically rent for around $1,900, while luxury apartments in McLean, Va., with multiple bedrooms, can cost renters $6,000 or more per month. Owning real estate here can be incredibly lucrative, especially if you can take advantage of the buyer’s market.
Homes Are Selling Quickly
The slight downturn in some property values means buyers are quickly snapping up apartments when they see a good deal. The average sale time is currently 21 days, down over 47% from 2021. You’ll have to act quickly if you notice any tempting apartments for sale.
Market trends can change quickly, but the abundance of available properties in McLean makes it possible to find a deal. The result could be an apartment that pays for itself or appreciates rapidly in the coming years.
Five Reasons You Want to Live in McLean
Understanding why McLean is such a high-profile destination can help with your decision, especially if you’re looking to relocate to the community full-time. Many of D.C.’s best-known individuals live in McLean because of everything it offers. Here are some of the reasons:
1. It’s Close to D.C.
A suburb in Northern Virginia probably wouldn’t attract some of the world’s most influential people on its own, but the community’s proximity to Capitol Hill and other government entities makes it popular with the region’s elites. McLean is only about 11 miles from the U.S. Capitol, which is accessible via the Theodore Roosevelt Bridge, making it an easy commute for government officials.
2. A Commuter Train Is Available
Traffic can be an issue when commuting to D.C., but taking the metro can eliminate some of the stress. The Washington Metropolitan Area Transit Authority’s Silver Line treks directly from McLean Station to downtown Washington in about 24 minutes, making it an efficient way to travel. Taking the train also means you won’t have to find parking while spending time in D.C.
3. McLean Has Jobs
McLean relies on its proximity to Washington, D.C., for much of its economic development, but the community has some significant employers, too. The global headquarters for Capital One, Hilton Hotels, Freddie Mac, and Mars are all in McLean, creating high-paying jobs in the community. McLean is also home to the Office of the Director of National Intelligence and the Central Intelligence Agency headquarters and is just nine miles from the Pentagon.
4. The Shopping Is Great
Downtown McLean is a small neighborhood with a few shops and some excellent local restaurants. Tysons Corner Center and the Tysons Galleria have legendary shopping scenes, though, with each mall featuring hundreds of boutiques, department stores, and eateries. Many visitors to the D.C. area venture to the McLean area to experience the shopping at these venues.
5. Outdoor Activities Are Nearby
The Greater D.C. area isn’t known for its outdoor activities, but there’s a surprising abundance of ways to get out into nature once you enter Virginia. Great Falls National Park extends into McLean and offers terrific hiking trails and waterfall viewing opportunities on the Potomac River. You can also head to Scott’s Run Nature Preserve for some hiking or Clemyjontri Park if you have kids looking for a playground, as you’re never far from an outdoor experience when living in McLean.
Buying an apartment in McLean, Va., ensures you can take advantage of all these amenities. These features are also why you’ll likely never have trouble finding a renter if you purchase an investment property in the area.
Get Help Finding Apartments in McLean, Va.
McLean’s real estate market remains pricey, but we’re entering a buyer’s market that could make it possible for more investors to get involved. It’s also a wonderful community in which to live, thanks to the high-end amenities it attracts. Those who rent their apartments out can use professional assistance to make the process easier.
Nomadic Real Estate offers property management services in McLean and throughout the Greater D.C. area. Our experienced team will vet tenants for you, handle essential maintenance, and collect rent, ensuring your time as a landlord goes smoothly. Contact Nomadic Real Estate to learn more about our property management services.