The initial phase of the Silver Line expansion into Northern Virginia was ripe with optimism within the real estate community. Since opening in July however, Realtors® in the region have seen a glut of houses on the market, making buyers more patient and sellers anxious.
“In anticipation of the Silver Line opening, the number of listings in Reston and Herndon increased substantially with sellers hoping that property values would increase and buyers would flood into the market to purchase homes in close proximity to the new metro station,” said Jane Wallace, office manager of Long & Foster Real Estate in Reston.
“The opening of the Silver Line has not impacted sales dramatically although we had a nice flurry of activity in the fall. I do think though that over time, with a strengthening economy and improved consumer confidence, Reston will be increasingly desirable due to the convenience and close proximity of the Silver Line,” Wallace said.
The managing broker believes that five years from now there will be more high-rise buildings, apartments and condos with mixed-use commercial space in Reston that will enhance the community.
“With the urban-centric shift, traffic congestion will undoubtedly increase, however I think the economic impact as a result of the rapid growth will give Reston a big-scale boost,” Wallace said.
Anita Lasansky, office manager of the Reston/North Hills Long & Foster office echoed Wallace’s sentiments, saying that many sellers were anxiously anticipating the arrival of the Silver Line and waited to list their homes until that time.
“That, unfortunately, produced a glut of housing on the market. Coupled with economic issues, the real estate market took a downturn,” she said.
Lasansky admitted her surprise that the Silver Line did not make the impact on the housing market that everyone anticipated, but she’s hopeful for the future.
“The extension to Reston Town Center and Dulles Airport could transform Western Fairfax and Eastern Loudoun counties,” Lasansky said.
“We are now seeing a home's proximity to the Wiehle metro station as more important than how close it is to the Reston Town Center.”
The much-sought-after millennials continue to be a key target for Realtors® in the Silver Line corridor.
“Builders would do well to pay attention to their needs and pocketbooks. Small European-like essential living space with small square footage and lots of built-ins, along with reasonable pricing could bring the Clarendon-Arlington buyers west,” she said.
Dave Swartzbaugh, an agent with Weichert, Realtors® in Reston, said the real estate market along the Silver Line has slowed quite a bit since the summer, a trend seen throughout Northern Virginia.
Schwartzbaugh has been surprised by the continued construction of high-density housing from Reston to Tysons but sees the impacts of the rail extension continuing.
“It definitely helped accelerate the rebound in property values over the course of the past few years while the stations have been under construction and it has provided an extra layer of confidence to our local market, especially for first-time home buyers,” Swartzbaugh said.
Thomas Bauer, a Realtor® with Coldwell Banker Residential Brokerage, has been selling homes from D.C. to Reston for more than a decade. He said that over the last several years the Silver Line expansion has put a new spotlight on Reston.
“We are now seeing a home's proximity to the Wiehle metro station as more important than how close it is to the Reston Town Center,” Bauer said.
The change of focus began with the metro expansion coming to fruition and has continued to be a key marketing tool with the added commuting options to the western suburbs, he said.
Bauer cautioned that buyers and sellers need to understand the reality of price changes from the Silver Line construction phase versus when it actually opened.
“We have seen values in the immediate area rise over the past two years in anticipation of the Silver Line, but values flatten as it has become reality,” he said.
John Marcario is the NVAR Marketing Manager.