The Silver Line makes its debut this year, which has many potential homeowners asking what this means for home prices in the neighborhoods affected by the much-talked-about public transit expansion. We know what you’re thinking and you’re right on the money!
If you play your cards right you could be sitting on a cash cow that brings with it increasing property values, an easier commute, more local businesses, walkable town centers, and substantial changes in the outlook of a various communities (think schools for example).
Phase 1 of the Silver Line lies right along the Tysons Corner Corridor, home to the largest shopping mall in the DC Metro area and in the entire state of Virginia.
LIVE, WORK, PLAY, GET INVOLVED. These founding principles are still embodied by the Reston Community just like they were when this first planned community of Virginia was founded in 1960!
Like the rest of Fairfax County, Reston has had their numbers increase slightly like other recovered markets of the DC Metropolitian Area. Closed sales, average sales price, and total dollar volume are all up from a year ago. The market has definitely slowed down from the beginning of the spring market in March. Interest rates also have a huge impact on things slowing down as well.
Total Sold Dollar Volume
The market statistics for the Reston and Herndon housing market present a very interesting situation. I predict a strong market to continue through the Spring, with the continuation of the First-Time Homebuyer Tax Credit, and the expansion of it to include a tax credit for move-up buyers.
The below statistics for Reston and Herndon are pretty amazing. We are seeing the active listings plummet yet again over the same time last year, but very impressive gains in average sales prices in both communities.
There are two things that are definitely driving the market in both Reston and Herndon, and that is a shrinking inventory of active listings and the $8,000 federal tax credit available to people who have not owned a home in the last 3 years. The statistics in these two areas are very impressive, especially given the market conditions that we read everyday in the newspaper. Can you believe average sales prices are up significantly in both areas from the same time last year? The lower priced inventory in both areas are driving a number of the statistics we see here. In fact, since there is now a shortage of foreclosures on the market, we should continue to see some impressive numbers for the rest of the year.