March 2017 Housing Market Update for Washington DC Metro Areas

The following analyses of the Washington DC Metro Area housing market is based on February 2017 MRIS housing data.

• March 2017’s median sales price of $420,00 was up 5.3% or $21,000 compared to last year. This is the highest March median sales price on record, with data going back to 1997.

• Sales volume across the DC Metro area was nearly $2.3 billion, up 26.7% from last March.

• Closed sales of 4,450 were up 18.5% compared to last year. It was also the highest March level in a decade and easily exceeding the 3,755 sales recorded last March.

• New contract activity of 6,254 also reached a ten-year March high, increasing by 1.4% over last year.

• New listings of 8,210 were down 1.7% compared to last year.

• Active listings of 8,648 are down 11.5% compared to last year but up 15.3% compared to last month. This is the eleventh consecutive month of declines in year-over-year inventory levels, and inventories are at the lowest March level since 2014.

• The average percent of original list price received at sale in March was 97.9%, up from last year’s 97.1%, and also up from last month’s 97.4%.

• The median days-on-market for March 2017 was 15 days, 12 days lower than last year.

Click here to access the full PDF version of this report

The DC Metro Area Housing Market Update provides unique insights into the state of the current housing market by measuring the number of new pending sales, trends by home characteristics, and key indicators through the most recent month compiled directly from Multiple Listing Service (MLS) data.

The DC Metro Area housing market includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia.

Homes for sale in Vienna VA, McLean VA, Oakton VA, Falls Church VA, Great Falls VA

Major Changes are Coming to Tysons!

The long-term plan for the Tysons corridor is for it to become the ‘new downtown’ of Fairfax County. City planners have the goal of up to 100,000 residents and 200,000 jobs by 2050. On a macro-level the plan is:

Land more than a quarter mile from a Metro station should devote 75% of the space for residential purposes
Land inside the quarter of a mile radius should have 65% devoted to office space

Below is a map of all the major residential projects that are in the pipeline based on the latest information that is currently available. Combined they will bring just shy of 25,000 residential units to the triangular shaped expanse of land roughly bordered by Route 7, I-495, and the Dulles Toll Road. Two of the largest clusters will be around Spring Hill Metro (with over 10,000 residential units) and Scott’s Run Metro (with over 5,000 units). Since many of these haven’t even broken ground yet, the exact number of units per building may have changed (or will change) from what we could find in published information. However, the numbers should be very close to what the final count should be. You can find out information from the Tysons Partnership page as well as this Washington Post article.

Click on each red square to find out how many units are planned for that location (we have also included the same information down below). We plotted a map point for each building, except when it came to the Scott’s Run development. Since there are 21 buildings planned for those three parcels of land we just plotted a polygon that roughly corresponds to the borders of the planned development.

Tysons Major Residential Projects:

• Tysons West

A total of 803 residential units, 450 hotel rooms, plus office and retail space. See more at https://www.tysonswest.com

• Dominion Square

Two parcels of land either side of this street will bring a combined total 3,273 residential units and 250 hotel rooms to the land very close to the Metro. https://www.tysonspartnership.org/projects/dominion-square/

• Perseus Project

This 3.52 acre lot will replace the existing 6-story building with two high-rise buildings with 300 residential units and 200 hotel rooms, plus office and retail. For renderings of the proposed site plan go to: https://www.perseusrealty.com/properties/tysons-development-site

• Sunburst At Spring Hill

Near several other major buildings, this building is going to bring another 1,338 residential units to the Spring Hill neighborhood.

• Georgelas Group At Spring Hill

There are three large buildings planned for this side of Spring Hill, bringing a total of 4,000 residential units plus office and retail spaces.

• The Ascent At Spring Hill Station

This 404-unit apartment building is now leasing. See more at https://www.theascenttysons.com/

• Westpark Plaza

Over five acres of land will have two residential towers with 1,300 residential units and another several hundred hotel rooms (150-300 is latest information we could find). Retail space is also part of the plan. https://www.fairfaxcounty.gov/tysons/development/cases/westparkdittmar.htm

• The Boro

One of the largest developments in the works due to the almost 2 million square feet of office space, it will also bring 1,273 residential units and 150 hotel rooms. See more at https://theborotysons.com/

• Tysons Central

Another mixed-use parcel with 1,509 residential units and 200 hotel rooms integrated with office and retail space.

• Residences At Greensboro Place

Within walking distance of two different Metro stations (Greensboro and Tysons Metros) these two towers will bring up to 520 units to the area. See more at: https://www.tysonspartnership.org/projects/greensboro-park-place/

• Arbor Row

The Arbor Row development will bring eight new buildings across almost twenty acres of land. Approximately half of it will be dedicated to residential space (up to 1,176 units) and the rest will be a mix of office, retail, and hotel. See more here: https://www.tysonspartnership.org/projects/arbor-row/

• 7915 Jones Branch Drive

This building will have up to 400 residential units and retail space. Fairfax County government will lease 4,000 square feet in the neighboring Brunswick Building (7921 Jones Branch Drive) at no cost for ten years (the latest plan was for the Fire Marshal office to move in). The development will also have a dog park and interior courtyard. https://www.fairfaxcounty.gov/news/2014/fairfax-approves-7915-jones-branch-drive.htm

• Capital One Campus

The 26-acre campus owned by Capital One will have 12 buildings consisting of up to 1,230 residential units, 1,000 hotel rooms, plus office and retail space. They will also develop a 30,000-square-foot community center, community park, and parking lots (some of which will be underground, others will be discreetly integrated into the above ground areas). See more here: https://www.tysonspartnership.org/projects/capital-one-development/

• Scott’s Run North and South

The two parcels of Scott’s Run South, plus the nearby Scott’s Run North total 40-acres and the current plan is to have 21 new buildings with a mix of residential, retail, office, and hotel uses. Scott’s Run South will have up to 2,172 residential units and 360 hotel rooms, while North will have up to 464 units (and no hotel). There are also plans for a trail system to join the nearby developments. See more here: https://www.tysonspartnership.org/projects/scotts-run-station/

• 1575 Anderson Road (Garfield Parcel)

Two buildings with 425 units (combined) are already under construction. Leasing expected to begin in 2016. The latest available information we could find is here: https://intysons.com/garfield-parcel-by-jlb-update-and-new-renderings/. Note, several different sources differ slightly on the exact number of units that will be available (from 425 to 445). We have posted what was on the Tysons Partnership page.

• The Commons

Up to 2,571 apartments will be added adjacent to the Scott’s Run and Garfield Parcel living areas. There will also be two office buildings for Mitre Corporation on the nearby land.

• Tysons 1

The existing Tysons 1 shopping center will have space for 1,300 residential units and a 200 room hotel added to it, in addition to office and retail space.

Bottom Line:

These major changes at Tysons will bring real estate boom to surrounding areas such as Vienna, VA and McLean, VA. If you are thinking of buying, consider Tysons to be your new home. Book buyer consultation today!