Residential companies raise prices for new townhomes by Metro’s Silver Line

Prices are rising across several new developments along the Dulles Toll Road corridor.

It’s happening as the seasons change this year, affecting locations near existing and yet-to-open Metrorail stations.

At Wiehle Avenue for The Townhomes at Reston Station, which features four-story homes with a garage, prices have increased from $786,500 to $807,500 for its lowest model over the course of this year.

Bethesda-based homebuilder EYA didn’t respond to messages seeking comment.

The three- or four-bedroom townhomes have approximately 1,690 square feet of space with luxury amenities.

The base price of another model there, townhomes with elevators, also has increased from the upper $900,000s to $1.02 million and now to $1.075 million, based on figures presented on its website.

Floorplans for different units show two-car garages, a study, three bedrooms, a loft and a rooftop terrace. But designs can vary and include four bedrooms. A base model starts at 2,420 square feet.

The townhome prices come amid a flurry of competition as apartments, affordable housing developments like one near Dulles airport and other homes spring up throughout Fairfax County.

Factors contributing to price changes

Eric Maribojoc, the executive director of the Center for Real Estate Entrepreneurship at George Mason University, noted how low-interest mortgage rates have helped buyers’ high demand for housing.

Along with easier to access to money for buyers, new home development continues, too, reshaping existing areas.

“Developers remain bullish on residential projects near the Silver Line and other metro stations,” Maribojoc said in an email. “They will continue to deliver high-rise condominium projects adjacent to stations and lower-rise townhome projects a little further away. Redevelopment of obsolete office buildings, hotels, and retail centers, particularly those impacted by pandemic-related tenant issues, to new residential units may also expand.”

But he said townhome prices are likely to moderate over the next year, noting the mortgage rates are poised to increase in 2022 due to Federal Reserve policy.

“More supply is coming into the market — there were 581 attached homes on the market in September 2021 compared to 373 is September 2020,” he added. “However, this improvement may be marginal as over-all housing supply in Northern Virginia is still below 2 months’ supply based on demand, far below the 5-6 months’ supply of a balanced market.”

Despite the competition, not every company is responding in the same way with pricing. At least one development is even decreasing prices: At Tall Oaks Flats, located farther north on Wiehle Avenue, Stanley Martin Homes has decreased its one-floor condominium price from the mid-$500,000s down to the upper $400,000s.

Meanwhile, near the Innovation Center Station, a new development also by Stanley Martin Homes has had prices in the $500,000s for condos and $700,000s for townhomes. Construction crews have been erecting wooden frameworks for the project and setting up other construction for the company’s Liberty Park neighborhood. The homes offer two to four bedrooms and up to 2,700 square feet.

Older areas see boom

In Tysons, one project, Union Park at McLean – The Lofts, is about half a mile away from the McLean Station and has 21 homes left along with two model units. So far, 73 have been sold, according to its website.

Its lowest base price is for a two-story, three-bedroom model with a garage. That low point has risen from just under $750,000 in April to just under $770,000. Units start at 1,587 square feet.

“Commercial development has been very active adjacent to Silver Line  stations with major mixed-use developments such as The Boro, Reston Station and the Capital One campus,” Maribojoc wrote. “These provide amenities such as grocery stores, retail shops and entertainment in high-density and walkable neighborhoods.”

Residents fall for the urban-like environment in a suburban setting — especially homebuyers relocating from the District, he says.

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