Arlington County, Virginia
Metro helped shape Arlington County, and it continues to shape the county's housing market.
The median sales price for single-family houses and townhouses fell 1 percent last year, to $565,000, according to a Washington Post analysis of county sales records. Condo sales, which make up a big part of the Arlington market, were reviewed separately.
However, prices increased in five Zip codes, including those closest to Metro stations. Prices fell in four other Zip codes, either not within walking distance of Metro station or in the western end of the county.
The most dramatic change was a 59 percent increase in the median sales price in Rosslyn, Zip code 22209. However, the non-condo housing there is a mix of high-end properties and small ones, so the median price can swing radically. In 2006, there was a near-doubling of sales, from $1 million to $2 million, including the $1.8 million sale of a luxury townhouse in the Monument Place development that was built in 2000, said Stephanie Barker Greault, an agent with Long & Foster in Arlington. According to Greault, eight houses sold for $970,000 to $1.98 million in 2005, while 14 homes sold for about the same price range in 2006.
The next strongest growth in median sales price was in Zip code 22202, Crystal City and Pentagon City, where the median sales price rose 9 percent. The Zip code includes the neighborhoods of Aurora Hills, Addison Heights and Oak Crest. "Those are real hot areas. . . . They not only benefit from being very commuter-friendly by vehicle, but you can also walk to the Metro," Greault said.
Prices rose 6 percent in Zip code 22203, which includes Ballston, and 5 percent in Zip code 22201, which includes the Clarendon and Court House neighborhoods. "The common theme is the proximity to the Metro. All of those neighborhoods have a very feasible walk to Metro," said Billy Buck of Buck and Associates, an Arlington real estate company.
In Zip code 22205, which includes the East Falls Church Metro station, prices fell 2 percent. A lot of the neighborhoods in that Zip code, however, are not close to the station.
Buck said that when clients are torn between two homes, the one closest to Metro tends to win. "Having restaurants and movie theaters is great, but the practicality of being able to walk to the Metro increases quality of life and convenience," he said.
-- Susan Straight, Special to The Washington Post
The median sales price for single-family houses and townhouses fell 1 percent last year, to $565,000, according to a Washington Post analysis of county sales records. Condo sales, which make up a big part of the Arlington market, were reviewed separately.
The most dramatic change was a 59 percent increase in the median sales price in Rosslyn, Zip code 22209. However, the non-condo housing there is a mix of high-end properties and small ones, so the median price can swing radically. In 2006, there was a near-doubling of sales, from $1 million to $2 million, including the $1.8 million sale of a luxury townhouse in the Monument Place development that was built in 2000, said Stephanie Barker Greault, an agent with Long & Foster in Arlington. According to Greault, eight houses sold for $970,000 to $1.98 million in 2005, while 14 homes sold for about the same price range in 2006.
The next strongest growth in median sales price was in Zip code 22202, Crystal City and Pentagon City, where the median sales price rose 9 percent. The Zip code includes the neighborhoods of Aurora Hills, Addison Heights and Oak Crest. "Those are real hot areas. . . . They not only benefit from being very commuter-friendly by vehicle, but you can also walk to the Metro," Greault said.
Prices rose 6 percent in Zip code 22203, which includes Ballston, and 5 percent in Zip code 22201, which includes the Clarendon and Court House neighborhoods. "The common theme is the proximity to the Metro. All of those neighborhoods have a very feasible walk to Metro," said Billy Buck of Buck and Associates, an Arlington real estate company.
In Zip code 22205, which includes the East Falls Church Metro station, prices fell 2 percent. A lot of the neighborhoods in that Zip code, however, are not close to the station.
Buck said that when clients are torn between two homes, the one closest to Metro tends to win. "Having restaurants and movie theaters is great, but the practicality of being able to walk to the Metro increases quality of life and convenience," he said.
-- Susan Straight, Special to The Washington Post
City of Alexandria, Virginia
The most expensive parts of Alexandria experienced the largest price increases last year, as the median prices of single-family houses and townhouses in the city inched up 2 percent, to $599,000, remaining the highest in the region.
That contrasts with a 17 percent price increase the previous year. And the number of such properties sold fell 29 percent, according to a Washington Post analysis of city sales records.
In Alexandria, unlike in other parts of the region, more condos were sold last year than single-family houses or townhouses. Condos sales were analyzed separately.
In Zip code 22302, west of Del Ray to Quaker Lane, the median sales price rose 15 percent to $755,000, the highest in the city. The area includes such neighborhoods as Jefferson Park, Braddock Heights and Timber Branch.
"It's a great area and centrally located. . . . These are old neighborhoods, heavily treed, with wooded lots," said David Hawkins, managing broker with McEnearney Associates.
Hawkins said he saw no particular reason why prices in that area rose so much more than elsewhere. "Sometimes a neighborhood just suddenly gets some exposure," he said.
Prices rose 10 percent in Zip code 22314, which includes Old Town, to reach $696,500. That Zip code also had the greatest number of sales, 358, down 25 percent from 2005.
"When you move to Alexandria, you want to live in Old Town," said Maxine Miller McLeod, managing broker with Prudential Carruthers Realtors in Old Town. "It's the place to be. It's Old Town."
The next highest number of sales, 270, was in Zip code 22304, the area west of Quaker Lane to Interstate 395. Prices there were up 1 percent, to $575,000.
The volume of sales stems partly from new construction, including developments such as the Overlook, "a big townhouse development off South Pickett Street," said Nancy Tompkins, real estate agent with Coldwell Banker. "There's a lot of new construction over there, near the Eisenhower [Avenue] Metro" station, including town houses as well as high-rise condominiums.
The median sales price fell in one part of Alexandria, Zip code 22311, northwest of I-395. Prices there dropped 3 percent to $575,000, on 39 sales.
-- Susan Straight, Special to The Washington Post
That contrasts with a 17 percent price increase the previous year. And the number of such properties sold fell 29 percent, according to a Washington Post analysis of city sales records.
In Zip code 22302, west of Del Ray to Quaker Lane, the median sales price rose 15 percent to $755,000, the highest in the city. The area includes such neighborhoods as Jefferson Park, Braddock Heights and Timber Branch.
"It's a great area and centrally located. . . . These are old neighborhoods, heavily treed, with wooded lots," said David Hawkins, managing broker with McEnearney Associates.
Hawkins said he saw no particular reason why prices in that area rose so much more than elsewhere. "Sometimes a neighborhood just suddenly gets some exposure," he said.
Prices rose 10 percent in Zip code 22314, which includes Old Town, to reach $696,500. That Zip code also had the greatest number of sales, 358, down 25 percent from 2005.
"When you move to Alexandria, you want to live in Old Town," said Maxine Miller McLeod, managing broker with Prudential Carruthers Realtors in Old Town. "It's the place to be. It's Old Town."
The next highest number of sales, 270, was in Zip code 22304, the area west of Quaker Lane to Interstate 395. Prices there were up 1 percent, to $575,000.
The volume of sales stems partly from new construction, including developments such as the Overlook, "a big townhouse development off South Pickett Street," said Nancy Tompkins, real estate agent with Coldwell Banker. "There's a lot of new construction over there, near the Eisenhower [Avenue] Metro" station, including town houses as well as high-rise condominiums.
The median sales price fell in one part of Alexandria, Zip code 22311, northwest of I-395. Prices there dropped 3 percent to $575,000, on 39 sales.
-- Susan Straight, Special to The Washington Post
Housing Outlook 2007
The latest on the state of the Washington, D.C., residential real estate market.
How Much For That House?
What can you afford in today's market? We scan properties for sale in and around D.C.
SOURCE: Full-value transactions as reported by the county and city
MAP: Dan Keating and Nathaniel Vaughn Kelso - The Washington Post
© 2007 The Washington Post Company
