By Lynn Norusis
Plus the up-and-coming neighborhoods in the region
Real estate is always a numbers game. Home prices, interest rates, credit scores, foreclosure rates, home valuations, comps—they all factor into the industry. Northern Virginia has always been a hot real estate market, what with the constant influx of new residents as well as current residents buying larger, moving farther or even downsizing to stay in this region. And it is a market that, relatively speaking, has held strong through many ups and downs over the past decade.
For Northern Virginia home sales, 2015 saw an uptick with a 9 percent increase and, according to Northern Virginia Association of Realtors CEO Ryan Conrad, the region saw gains not only in the average and median home prices; there was also an increase in inventory and home buyer confidence. He says that millennials, with more stable employment and the ability to qualify for homes, are now prepared to get in on the real estate game—even amid the new closing laws that were put into place this past summer to help avoid some of the issues that led to the housing crash almost a decade ago.
Industry experts are even making positive assumptions for the 2016 selling season, with Steven Murray of REAL Trends saying housing sales will be up 2 to 4 percent nationwide.
So looking back at 2015, which areas were the strongest for Northern Virginia? There were 10 that did the best based on an increase in median house price and a quicker turnaround once they were put on the market. We take a look at what these 10 zip codes have to offer residents and what neighborhoods are the ones to watch in 2016.
22301
Del Ray
Courtesy of the JGB Companies
Del Ray is a unique neighborhood that is a mecca for young professionals and young families. The quaint main street of Mount Vernon Avenue is rife with shops—Kiskadee, a one-stop shop for modern apparel, shoes and accessories; affordable accessories for all ages at Top It Off; children’s clothing and shoes at The Purple Goose; and maternity wear at Bellies and Babies—plus a plethora of dining options such as global standbys like Thai (Thai Peppers), Mexican (Taqueria el Poblano) and Chinese (South China, also with a Malaysian menu) and Stomping Ground, a gourmet coffee shop known for its biscuit sandwiches, which is now staying open for dinner a few nights a week. The growth of this area has seen home prices jump 28 percent in a decade and has recently brought in options for young professionals with the recently opened Notch 8, The Fraiser and The Station at Potomac Yard, adding new luxury townhomes and condo options to the neighborhood streets of modest single-family homes. With all the nearby options, there is little need for Del Ray residents to travel to Old Town Alexandria. Residents also are lucky enough to have two easily accessible Metro stations: King Street and Braddock Road.
Real Estate Numbers (as of Dec. 21, 2015)
• Median sale price: $700,000 (up 6%)
• Days on the
market: 26 (up 4%)
• Units sold:
239 (up 6%)
Lifestyle Stats
• Population: 11,938
• Median age: 36.5
• Family
households: 57.2% (2010 Census)
• Education (bachelor’s degree or higher, 25 years+): 75.3%
Employment Stats •78.8% in labor force; 1.9% unemployed
Median household income: $119,702
Mean travel time to work: 29.5 min.
• Drove alone: 52.5%
• Carpooled: 7.5%
• Took public
transportation:
24.1%
• Walked: 5.2%
22302
North Ridge/Rosemont
Move up the hill on Braddock Road from the Del Ray neighborhood and the homes space out and grow large. Manicured lawns and traditionally styled million-dollar homes dot the streets in a stately manner along Janneys Lane, High Street and Lloyds Lane. And homes become more modest and affordable as West Braddock curves northwest. The area is centrally located and walking distance to a metro, says Elizabeth McGuiness of Long & Foster. Residents enjoy the easy access to Village at Shirlington, Old Town Alexandria and Del Ray, but they can do daily errand shopping at Bradlee Shopping Center and stores along Duke Street.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $343,000 (up 5%)
Days on the market: 53 (down 5%)
Units sold: 300 (down 3%)
Lifestyle Stats
Population: 18,218
Median age: 36.8
Family households: 44.8% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 66.8%
Employment status: 78.6% in labor force; 3.3% unemployed
Median household income: $96,234
Mean travel time to work: 27.7 min.
Drove alone: 65.8%
Carpooled: 10.7%
Took public transportation: 14.6%
Walked: 2.8%
22039
Fairfax Station
Courtesy of the Northern Virginia Region Parks Authority
Fairfax Station, located just south of Fairfax City, is “one of the few places left in Fairfax County where you get the country feeling with 5-acre homesites or choose to live in upscale communities on smaller lots,” says Ingrid Barrett of Century 21 Redwood Realty. The homes range from the $600,000s to multimillion-dollar estates, and residents enjoy many amenities such as Burke Lake Park and Fountainhead Park. And even though the area is mostly made up of housing, residents can enjoy the essentials—sushi (TaeJi Sushi) and sandwiches (George’s Steak N Things)—without leaving the ’hood. The zip code stretches to where, depending on a home’s entrance point, owners can easily make their way to the small town of Clifton or Occoquan to enjoy unique shopping or make their way to the recently updated Fairfax City area and Burke Center for essentials. And Fairfax Station is just a short distance to Potomac Mills Mall for bargain shopping.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $735,000 (down 3%)
Days on the market: 57 (down 21%)
Units sold: 225 (up 13%)
Lifestyle Stats
Population: 18,791
Median age: 47.1
Family households: 92.4% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 75.1%
Employment status: 67.6% in labor force; 3.5% unemployed
Median household income: $199,605
Mean travel time to work: 37.4 min.
Drove alone: 74.8%
Carpooled: 10.7%
Took public transportation: 5.5%
Walked: 0.6%
22044
Falls Church
Courtesy by George McLennan
This area of Falls Church is a juxtaposition of high-density and natural oasis as it includes both Seven Corners and Lake Barcroft, “two very distinct styles of living and both very desirable,” according to Century 21 Redwood Realtor Tracey Barrett. To the north, Seven Corners is an epicenter of shopping including the Eden Center, a Vietnamese shopping center that houses hair salons, jewelry and skin care stores among the many restaurants. Take a Saturday to dive deep into the maze that is Eden Center, or check out the revered Rice Paper restaurant. Less than a mile away, enjoy Laotian food at Bangkok Golden. On the southern end of the area sits Lake Barcroft, a suburban lake community of over 1,000 single-family homes that hosts its own cultural events such as the Music on the Lake concert series and the Rusticway Chamber Music Series. “In the last 10 years Seven Corners has seen a 34.8 percent increase in median sales price, and Lake Barcroft 13.5 percent,” says Barrett. The single-family homes closer to the Seven Corners intersections hold steady around the $500,000 to $700,000 mark, with the homes just on the north side of Route 7 staying around $350,000 and up. Homes in the Lake Barcroft area go for high $700,000s to millions. “With both locations having ample access to public transportation and situated halfway between D.C. and the Beltway, it meets the commuting needs of many,” Barrett says.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $574,900 (up 12%)
Days on the market: 42 (down 5%)
Units sold: 133 (up 6%)
Lifestyle Stats
Population: 13,783
Median age: 35.3
Family households: 58.4% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 50.9%
Employment status: 72.7% in labor force; 3% unemployed
Median household income: $73,659
Mean travel time to work: 29.7 min.
Drove alone: 60.8%
Carpooled: 7.6%
Took public transportation: 15.4%
Walked: 5.4%
22203
Ballston/Buckingham/Arlington Forest
Courtesy by George McLennan
This is one of the three best zip codes in Arlington as evidenced when the housing market hit bottom in late 2007-2010,” says Ingrid Barrett of Century 21 Redwood Realty. Not only was there very little impact to the real estate market—prices vary from $350,000 to million-plus—it is a hotbed for those who want space but also an urban feel. Barrett says “young professionals and empty nesters love this area for the conveniences available to them.” This restaurant-rich zip code hosts the sleek new Japanese Yona, the convivial Greek Kapnos Taverna and the beer mecca Rustico. And Ballston Common Mall houses chain stores like Macy’s, Victoria’s Secret, Foot Locker and Claire’s and is about to undergo a massive overhaul with a recently announced $317 million dollar makeover that will turn the area into a mixed-use development with street-facing stores, outdoor dining and a public plaza that is expected to be completed in 2018. But the shopping options are more than chain: There is also nearby Gossip on 23rd Street, with affordable, trendy clothing, and Amalgamated Clothing, a shop with vintage clothing from 1920s and beyond. And even though the overall feel is urban, Lubber Run Park and Amphitheater, nestled among the housing, is a place where residents can enjoy the outdoors and free concerts or shows by local artists. Those wanting to call this area home need to move quickly. Coldwell Banker’s Lisa Moffett says, “homes go so fast here.”
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $525,000 (up 9%)
Days on the market: 43 (up 2%)
Units sold: 299 (down 3%)
Lifestyle Stats
Population: 23,268
Median age: 31.9
Family households: 32.7% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 67.8%
Employment status: 76.4% in labor force; 1.9% unemployed
Median household income: $94,859
Mean travel time to work: 26.6 min.
Drove alone: 48.4%
Carpooled: 3.5%
Took public transportation: 31.7%
Walked: 9.7%
22191
Woodbridge
It used to be that the area south of Springfield along I-95 was not considered part of Northern Virginia. Or, at least, its residents considered it part of the region, but those closer to the Beltway did not. Now it is one of the hot markets for homebuyers as it offers housing options of all kinds—condos, townhomes and single-family homes—and is being anchored by the new Stonebridge at Potomac Town Center, sandwiched between I-95 and Route 1, and Potomac Mills Mall just across the highway. Growth in this corridor has exploded over the past decade with numerous neighborhoods being built up in the southern stretch, including Port Potomac, Powell’s Landing, Eagles Pointe and revitalization efforts in the northern section along Route 1. The area is a great place for affordable housing options, according to Elizabeth McGuiness, and those along the eastern edge even get waterfront living and views of the Potomac River. The area houses many natural exploring sites such as the Occoquan Bay National Wildlife Refuge, Featherstone National Wildlife Refuge and Leesylvania State Park—all along the waterfront.
22311
Alexandria West/Mark Center
Cross under I-395 coming from Alexandria on Seminary Road and the area gets dense with housing units: apartments, condos, newly built townhomes and a neighborhood of single-family homes that are being torn down and rebuilt into larger, more modern structures.
“This zip code benefited greatly with the 2008 announcement of the opening of the Mark Center as a result of the BRAC-mandated moves of the DOD offices,” says Tracey Barrett of Century 21 Redwood Realty. But it’s not just the potential short commute to work that has residents interested in the area. The neighborhoods are just outside the Arlington County line and are only a couple miles from The Village at Shirlington, which has numerous restaurants and cultural amenities to choose from—Signature Theatre, Le Village Marche, Cheestique, The Carlyle, Copperwood Tavern plus the newly opened Korean wing place Dak! Chicken and the Hawaiian Hula Girl. Or residents can order the famed crab cake at Clyde’s and take advantage of Skyline’s many Ethiopian restaurants, especially Eyo Restaurant and Sports Bar.
And even though homes are packed in, nature still holds a place in this area. The 50-acre wildlife sanctuary, Dora Kelley Park, runs through 22311 and is adjacent to the Jerome Buddie Ford Nature Center. And Winkler Botanical Preserve is just down the road with nature trails, a mountain lodge and a waterfall.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $475,000 (up 14%)
Days on the market: 51 (up 11%)
Units sold: 115 (up 28%)
Lifestyle Stats
Population: 17,631
Median age: 34.9
Family households: 44.8% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 48.5%
Employment status: 76.3% in labor force; 3.9% unemployed
Median household income: $64,551
Mean travel time to work: 32 min.
Drove alone: 63.9%
Carpooled: 11.5%
Took public transportation: 17.1%
Walked: 3.1%
22141
Oakton
Oakton is an area with big lots and rolling hills, says Terra Cooke of Coldwell Banker. Centrally located between Vienna, Fairfax City and Reston, Oakton has easy access to the Dulles Toll Road, Route 123, I-66 and the Vienna Metro, making it a high-demand and high-clout neighborhood, according to Century 21 Redwood’s Ingrid Barrett. “This is a very upscale area with a variety of communities from condos to multimillion-dollar estate homes,” she says. And the area is rich with history, and is also convenient to the Orange and Silver Metro lines, says Elizabeth McGuiness of Long & Foster. For the fitness-minded, just off Jermantown Road is Oak Marr Recreation Center, which has a gym, indoor pool, a driving range and mini golf. And Difficult Run Stream Valley Park, a great spot for hikers, mountain bikers and equestrian riding, runs through the neighborhoods. There are many consignment shops nearby—Just Like New, Wardrobe Rescue, Consignment Boutique and REfind—and then of course there’s Fair Oaks Mall and Tysons Corner Center and The Galleria a short drive away. For local food, there are chain options, like California Tortilla, Famous Dave’s and Santini’s New York Style Deli, but there’s also Tigris for Middle Eastern food, Yoko for Japanese and Blossom Daily Café, which offers to-go meals for families and date nights.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $709,500 (up 10%)
Days on the market: 60 (down 6%)
Units sold: 290 (up 6%)
Lifestyle Stats
Population: 18,530
Median age: 41.7
Family households: 75% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 76.4%
Employment status: 71.3% in labor force; 2.5% unemployed
Median household income: $162,946
Mean travel time to work: 34.4 min.
Drove alone: 69.3%
Carpooled: 5.3%
Took public transportation: 11.6%
Walked: 0.7%
22307
Belle View/ Belle Haven/ Fort Hunt
Continue along the George Washington Parkway and find yourself in the community known as Belle View and Fort Hunt. Here residents enjoy “neighborhoods built between 1950 and 1975 with properties that are maintained well and updated to today’s standards and style,” according to Tracey Barrett of Century 21 Redwood. “They are part of lovely communities with a ton of amenities and conveniences.”
Some of the interior neighborhoods, Bucknell Manor specifically “has charm and the younger generation is able to buy homes close to D.C. that are in the mid-$400,000s,” says Lisa Moffett of Coldwell Banker.
The hilly terrain offers great overlooks of the Potomac River and many natural places to explore including the 485-acre Dyke Marsh Wildlife Preserve, one of the largest remaining freshwater tidal wetlands in the Metro-D.C. area; Belle Haven Marina and Country Club; Fort Hunt Park, where prisoners were interrogated during World War II; and four other area parks.
The area also is in prime location of many thoroughfares, such as Reagan National Airport, with public transportation options that include bus and rail and commuting options on Route 1 and the George Washington Parkway.
Eating and shopping? There are the typical suburban amenities such as salons and cleaners, and there is also an outpost of Del Ray’s DPR and the upscale sandwich shop Bread and Water Company, which house-cures and smokes its own pastrami for Reubens, but this area is close to one of the East Coast’s prime destinations: historic Old Town Alexandria with a multitude of restaurants and boutiques.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $515,000 (up 8%)
Days on the market: 64 (down 15%)
Units sold: 182 (down 19%)
Lifestyle Stats
Population: 10,434
Median age: 42.5
Family households: 56.6% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 65.9%
Employment status: 69.6% in labor force; 2.7% unemployed
Median household income: $105,582
Mean travel time to work: 29.9 min.
Drove alone: 69.1%
Carpooled: 9.2%
Took public transportation: 11.3%
Walked: 0.8%
22309
Mount Vernon
The Mount Vernon Estate and George Washington Distillery and Grist Mill lay claim to 22309, as do the many homes in an eclectic mix of age, style and size. There are mansions that line the sidewalks of Lynnhall Place and somewhat more modest homes in Yacht Haven with backyards made of boat slips. But there are other single-family homes as well—more that reach in the $500,000 mark—as well as new-construction townhomes and condos on the northeast side of Route 1.
East of Route 1, nature really takes over. With manicured lawns, old trees lining the streets and good-sized yards, it is the waterfront of the Potomac River that truly catches the eye. The George Washington Parkway offers trails along the waterline for anyone to enjoy, and Grist Mill Park not only includes spacious terrain for humans, it also holds a park just for the dogs.
And while there isn’t much in terms of restaurants and shopping, Elsie’s Magic Skillet Restaurant calls this area home and has many fans, including fine-dining Restaurant Eve chef, Cathal Armstrong.
Real Estate Numbers (as of Dec. 21, 2015)
Median sale price: $377,000 (up 3%)
Days on the market: 54 (down 2%)
Units sold: 383 (down 6%)
Lifestyle Stats
Population: 33,728
Median age: 36.3
Family households: 71.1% (2010 Census)
Education (bachelor’s degree or higher, 25 years+): 38.1%
Employment status: 73.9% in labor force; 5% unemployed
Median household income: $79,005
Mean travel time to work: 35.2 min.
Drove alone: 67.1%
Carpooled: 11.7%
Took public transportation: 13.8%
Walked: 1%
Up-and-Coming Neighborhoods
(by Ingrid Barrett)
As the area continues to grow homeowners, current or potential ones, are going to be looking for the next hot neighborhood. We asked agents which areas they see gaining traction and here are some of the areas to keep in mind if you’re planning on moving.
SOUTH ARLINGTON
“This is one of the most undervalued areas close to Washington, D.C. The main reason that it has taken so long to start escalating, when compared to North Arlington, is that it has no direct access to Metro rail. There are also many older neighborhoods that have not had the updates and upgrades that many purchasers desire. Prices are still far more affordable than in North Arlington. The Columbia Pike corridor comprehensive plan has wonderful objectives and goals for the area. Arlington County continues to work on better transportation options for residents but there is no final plan as of yet.” –Ingrid Barrett, Century 21 Redwood Realty
VIENNA
“The Town of Vienna is seeing a lot of regeneration. Buyers are buying, tearing down and rebuilding. But there are also ramblers in the $590,000s and up that are great for younger families.” –Lisa Moffett, Coldwell Banker
RESTON TOWN CENTER
“The area has 16 pools, walking paths and [the town center]. The nicely planned community, which has been copied so many times, really makes you feel like you are on vacation.” –Terra Cooke, Coldwell Banker
MERRIFIELD/DUNN LORING
“Residents desire the urban amenities with a focus on community involvement. Because the immediate urban areas tend to have a focus on higher-density living, I’m finding many of my clients desire a bit more space without compromising access to these community centers. Within a 2-mile radius of the Mosaic District, but not in the epicenters, you’ll find some of the following neighborhoods: Covington, Broyhill Park, Chattham Square, Chesterfield Mews, Dunn Loring Village, Dunn Loring Woods, High Pointe at Jefferson, Holmes Run Acres, Jefferson Park, Lakeford, Lee Landing Park, Merrifield View, Stonewall Manor, The Cove, Vienna Woods and Wells. These neighborhoods can accommodate just about anyone’s price point and style of living.” –Tracey Barrett, Century 21 Redwood Realty
ONE LOUDOUN
“Keep an eye on Loudoun County with transit-oriented developments along the Silver Line Metro and walkable urban communities like One Loudoun.” –Elizabeth McGuiness, Long & Foster
WILLOWSFORD
“The whole concept of Willowsford is farm-to-table and community. The neighborhood has walking trails, parkland and [a] community garden to really bring in the farm-to-table aspect. It really creates an experience.” –Lisa Moffett
SPRINGFIELD
“Prices in these areas are far more affordable than some of the other zip codes in Fairfax County. Single-family homes start at $450,000 to $1,100,000. The less expensive homes are older homes. Townhomes are between $250,000 to $500,000. However, being so close to I-95 and the Beltway makes these prices really affordable. You are also minutes from Fort Belvoir, which is the largest employer in Northern Virginia. This area has been overlooked for far too long.”
Source: U.S. Census Bureau 2010 Census and American Fact Finder 2014
( March 2014 )