McLean Housing Update: Prices Ease, New Mixed-Use Plan Advances
McLean, VA – March 7, 2026 – Home prices softened year-over-year as a mixed-use project and small subdivision move ahead in the county review process.
Top takeaways
- Median sale price was about $1.6M in January, down year-over-year.
- Homes are selling faster than a year ago, but closed sales are lower.
- A 56-unit mixed-use project won Planning Commission support.
- A 14-home subdivision proposal is advancing through rezoning.
Market snapshot
The local market remains competitive but cooler than last winter. In January 2026, the median sale price was roughly $1,642,500, down 8.8% from a year earlier. Homes averaged about 61 days on market, significantly faster than the 110-day pace reported last year, while 28 homes sold during the month, compared with 42 a year prior.
Realtor.com characterizes conditions as balanced, with supply and demand closer to even. On the financing side, Redfin reported average mortgage rates around 6.1% in February, lower than near-7% levels a year ago, offering modest relief to buyers.
Development watch
A proposal to redevelop a 0.56-acre site at Beverly Road and Elm Street with 56 residential units and ground-floor retail received a 10-1 recommendation for approval from the Fairfax County Planning Commission on February 26. The rezoning now heads to the Board of Supervisors for final action.
Earlier in February, the Planning Commission also recommended approval of a rezoning at 1348 Spring Hill Road that would allow a 14-home single-family subdivision on about five acres. If approved, the project would add new detached inventory in a submarket where buildable land is limited.
Rentals and investor activity
Zillow data show average rents around $2,692 as of late January. Regionally, multifamily investment remains active; a 319-unit Class A community in McLean traded in early February, underscoring continued institutional interest in Northern Virginia assets.
With prices off peak levels but days on market improving, early spring activity will signal whether buyers step in more aggressively. What are you seeing in your neighborhood so far this season?
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