McLean/Tysons Corner, VA Market Report – 3/30/2011

30 Mar
March 30, 2011

February and early March have seen a downturn in the real estate market throughout much of Northern Virginia due to several factors, not the least being the colder than average winter weather. Tysons Corner, the shopping and employment center and unofficial downtown of Fairfax County did not escape this trend. Another major factor for the Tysons Corner area is the massive amount of road construction for the Beltway HOT lanes and the expansion of the Metro.

The number of units sold was approximately the same as the previous year but the average sales price was down more than $90,000.

2011 2010
Units Sold 30 33
Avg. Sold Price $626,628 $720,651
Avg. Days on Market 100 52
Active Listings 154 207
Pending Contracts 75 84

Hopefully, since the calendar indicates the arrival of spring, we will have improved weather conditions but the road construction issue will remain for quite some time. While residential real estate seems to be lagging, the commercial market is gearing up and building construction continues. There is no doubt that the residential market will once again be robust as Tysons Corner becomes accessible by Metro.

Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.

Search for homes in McLean, Tysons Corner and all of the DC Metro: www.averyhess.com

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