Setting Expectations Across the Northern Virginia Marketplace

Every Realtor® can tell you what most consumers don’t know: market conditions are so local that prices and the pace of sales can be different from one street to the next within a community. So while market statistics can be helpful to get a general idea of what’s happening in the Northern Virginia real estate market, local Realtors® who stay up-to-date on what’s coming on the market, what’s been sold, what’s been lingering on the market and what new developments are in the works are the best resource for a snapshot of any given neighborhood. 

In addition to understanding what’s available at various price points in the region, it’s helpful to understand what buyers want and expect to find in a given area. 

Recent statistics from the National Association of Realtors® show that 56 percent of buyers in Northern Virginia opt for a single-family home, compared with 79 percent nationally.

Townhouses are more popular here than in other markets, representing 28 percent of purchases compared to 8 percent nationally. Condominiums in buildings with five or more units are twice as popular (12 percent) in Northern Virginia compared to the rest of the country (6 percent). 
RE+View asked some savvy Realtors® to share what buyers can expect to find in terms of different product types and prices in their local market.

CONDOMINIUMS
Condos in Northern Virginia cross the spectrum from super-luxury with hotel-like amenities and spectacular to less costly homes that offer an entry to the housing market for first-time buyers. In between are a wide range of options that typically appeal to empty-nesters and to young, busy professionals.

In Arlington, condo prices tend to be highest in Rosslyn, says Michelle Sagatov, a Realtor® with the Arlington McEnearney Associates.
“When Turnberry Towers came into the area with their ‘white glove service’ and ultra-luxury amenities, Rosslyn became known for its high-end condos,” says Sagatov. “Prices there start at $900,000 and go over $2 million for a top floor, larger two-bedroom home with a view of the city and Georgetown.”

Similarly priced homes can be found at the Waterview condo, located above Le Meridian Hotel. Closer to the Courthouse Metro station are the similarly priced urban, warehouse-style condos at Abdo Development’s Wooster and Mercer Lofts, with oversized windows and some two-story units.  At Gaslight Square, the condos include some one-level, one and two-bedroom homes and “piggyback-style” townhomes priced from the $800,000s to more than $1.4 million, says Sagatov. The Odyssey in Courthouse has condos priced from the $400,000s to $1.5 million and includes a rooftop pool and fitness center.

“More traditional condos are available at the Residences at Liberty Center in Ballston, priced from the $400,000s to $800,000,” says Sagatov. “At that price range, you still have 24-hour concierge services, a rooftop pool and a terrace with views of the monuments and Georgetown that residents can reserve for parties.”

Competition can be strong for these high-end condos, as well as for condo buildings around Clarendon. Homes there are priced from $350,000 to $900,000 depending on the view, size, whether parking is included and whether the condo has a balcony. 
“In and near Old Town Alexandria, you can occasionally find a two-bedroom condo priced in the $500,000s, but that will sell immediately,” says Phyllis Patterson, a senior vice president and Realtor® with TTR Sotheby’s International Realty in Old Town Alexandria. 

Patterson’s daughter Brittany Patterson, a Realtor® with TTR Sotheby’s International Realty in Old Town Alexandria, says she finds that most buyers in that area prefer a townhouse or single-family home.
“Condo fees scare a lot of first-time buyers, especially if they go above $400 a month,” says Brittany Patterson. 

In Springfield, some older condos are available priced in the upper $200,000s to lower $300,000s for a one-bedroom, one-bath home, says Wendy Smith, a Realtor® with Coldwell Banker Residential Brokerage in Alexandria. 

“In Kingstowne, most of the buildings are a little newer, from the 1980s and 1990s, so the prices are a little higher than Springfield,” says Smith. “You can find two-level condos from the mid to upper $300,000s and up. There’s always demand for condos from first-time buyers, especially if there’s a renovated unit that’s a little bigger.”
In Burke, Fairfax Station and Fair Lakes, says Youssef Zeroual, a Realtor® with Weichert, Realtors® in Burke/Fairfax Station, everything sells quickly, including condos, often with multiple offers even though more homes have come on the market.

“Inventory is still lower than demand, so if a home is priced right and in good condition it will go fast,” says Zeroual. “You can find some older one-bedroom, one-bath condos from the late 1970s and early 1980s priced at $170,000 to $180,000, on up to the mid $400,000s for a two-level, three-bedroom home that’s almost like a townhouse.”
While McLean is mostly known for its costly single-family homes, Jeremy Browne, a Realtor® with Century 21 New Millennium in McLean, says there are condos in all price ranges in the Tysons Corner area and at Evans Farm. 

“Condo fees scare a lot of first-time buyers, especially if they go above $400 a month."

“You can find a small one-bedroom priced just under $200,000, and everything in between up to a $1.5 million two-story penthouse with three bedrooms, 3.5 baths and almost 3,500 square feet in Evans Farm,” says Browne. “The Palladium has two-bedroom, two-bath homes with about 1,800 square feet priced around $1 million.” 
Browne says it’s more common to find condos priced around $400,000 to $500,000 for two bedrooms and two baths in places like the Gates of McLean, sometimes less than 20 years old and sometimes older. 

In Reston, buyers can find a wide range of home styles and prices, just as Robert E. Simon envisioned this community when he designed it.
“That’s the beauty of Reston; you can find a small condo priced under $100,000 that’s a conversion from an apartment complex built in the 1970s, and you can find a $1.8 million condo at Reston Town Center that’s like a single-family home in the sky with 2,600 square feet,” says Jon Querolo, an associate broker with Long & Foster Real Estate in Reston. “The average condo price is $371,700, which gets you a newer two-bedroom, two-bath home with a garage near the Town Center or an older three-bedroom unit with twice the space of the newer one.”

TOWNHOUSES
Townhouses appeal to a variety of buyers. No matter what the motivation, townhouses are available in a variety of markets and price points.

Some of the costliest townhouses in Northern Virginia are found in Arlington, particularly if they are located within walking distance of a Metro station. Sagatov says luxury townhouses in The Brompton communities found in Rosslyn, Cherrydale, Courthouse and Clarendon, range in price from $800,000 to $1.1 million depending on their size, condition, upgrades and distance from Metro. Many have four levels and a garage. 
Pricier townhouses are found in Old Town Alexandria, particularly if they are either historic or newly built. 

“A lot of new townhouses in the City of Alexandria are priced from $1.6 to $1.7 million and include an elevator and a two-car garage,” says Phyllis Patterson. “People want new, clean, light spaces with open floorplans, so they sell fast.”
The historic townhouses, priced from $1.3 to $2 million, are a little slower to sell right now, particularly if they lack parking, she says. 

Smith says smaller, two-level townhouses that have not been renovated can cost as little as the mid to upper $300,000s in Lorton, although larger townhouses that are in better condition are typically priced from the upper $300,000s to the lower $400,000s.
“In Kingstowne, there are some newer and larger townhouses with one-car garages that are priced in the mid $400,000s to the $500,000s,” says Smith. “Any place with access to Metro adds a premium to the prices. In Springfield, now that the Town Center is open, prices are starting to rise.”

Zeroual says competition is heated among first-time buyers for townhouses priced between $330,000 and $420,000 near Fair Lakes and Burke. 
“Buyers want to keep their monthly payments below $2,000, and they can find a three-level home with three bedrooms and two-and-a-half baths at that price point,” he says. “The homes were built anywhere from the mid-1970s to the 1990s. Once in awhile you can find something smaller, such as a townhouse with three levels and one bath with less than 1,000 square feet for $250,000 to $260,000, but it would need updating.”

In Reston, Querolo says, the range of townhouses is as broad as the range of condos: you can find townhouses for $285,000 up to $1 million, but the average is just under $500,000.
“At the lower end of the market, you can find townhouses in eight or 10 different communities built in the 1970s, usually with two levels, two or three bedrooms and one-and-a-half baths,” says Querolo. “They don’t have a lot of curb appeal, but they usually have hardwood floors and gas heat and a great price – between $285,000 and $325,000.”

At the upper end of the Reston townhouse market are homes priced from $650,000 to $1 million, which Querolo says are usually waterfront homes with three or four levels. He says townhouses with a view of one of Reston’s lakes will typically sell for $100,000 to $150,000 more than a similar home without a water view.
In McLean, buyers will find few townhouse options, says Browne. In May, just 25 townhouses were listed for sale, priced from the mid $600,000s to $2 million. He says those priced under $900,000 tend to be 30 to 45 years old, while the higher-priced townhouses are updated and in newer developments. 
“We do see some bidding wars for townhouses if they show well and are priced right, just because the inventory is so low,” says Browne.

SINGLE-FAMILY HOMES
The McLean market for single-family homes has shifted to the luxury market, says Browne, who found more than 100 homes listed for sale in May with prices above $2 million. The least expensive single-family homes in McLean start at $640,000 for an entry-level home. These often get snapped up by a developer as a tear-down.

“For $2 million, buyers can get one to three acres,” says Browne. “McLean is the closest place to D.C. where you can find land because there isn’t much available in Arlington.”

Browne says the average single-family home in McLean costs around $1.5 million, and usually has fewer square feet and less land than the high-end homes. 
In neighboring Great Falls, zoning regulations restrict the development of condos and townhouses and require every home to have a minimum of one-half acre of land. Despite those limitations, a broad range of homes can be found. They are priced as low as the upper $600,000s and as high as $8 million, says Dianne Raimondi Van Volkenburg, a Realtor® with Long & Foster Real Estate in Great Falls.

“The normal starting price for most places in Great Falls is in the mid $700,000s, which will get you a 2,000 square foot rambler or split-foyer style home which may or may not be updated,” says Van Volkenburg. “Usually about one-third of the homes in Great Falls sell for under $1 million, but it depends a lot on the location. When you get into the $1 million to $1.2 million range, you can find homes that are a little bigger, with 3,500 square feet or more on 1.5 acres, but they’re usually 25 to 30 years old. Above $1.2 million, you get into homes that are a little larger than that and newer, usually 20 years old or so with three sides of brick.”

Van Volkenburg says that homes on the eastern side of Great Falls, closer to the city, tend to be higher priced than those in western Great Falls. 
“The sweet spot for this area right now are homes priced between $1.1 and $1.4 million,” she says. “They get good traffic and tend to sell within two weeks. Homes just under $1 million sell quickly, too, but lower priced homes usually need work so they’re slower to sell.”

Nearby Reston’s single-family homes are more affordable than Great Falls and McLean, but also much harder to find, says Querolo. In May, just 62 single-family homes were on the market, priced from a low of $314,900 to a high of $1.55 million. He says the average single-family home in Reston is priced at $785,000.
“Single-family homes priced from $700,000 to $800,000 are typically four-bedroom homes that are 25 to 40 years old,” says Querolo. “They’ll usually sell within a week if they’re updated, but if they’re not, they can linger on the market because buyers don’t have the time or the money to fix them. Once you get into the $1.2 million and up price range you’re typically looking at a rarely available waterfront home.”
 
The price range of homes in the Burke, Fairfax Station and Fair Lakes areas of Fairfax County are even broader than Reston’s, starting in the mid $300,000’s for ramblers built in the 1950s and 1960s that Zeroual says are quickly purchased by investors looking for land on which to build larger homes.

“The middle of the market is usually priced around $600,000 for a home with 2,000 to 2,500 square feet built in the 1980s in Burke,” says Zeroual. “Newer homes go for $700,000 to $800,000, but sometimes they have a little less land. A lot of buyers want that: a bigger house, a bigger master suite, but without the maintenance of a big yard.”
Zeroual says that while a home priced over $1 million used to be a “wow” house, these days that’s just a little bigger and newer. He says a $1.5 million home on the market now in Fairfax Station, built in the late 1990s, has 5,000 square feet and nice updates, but isn’t over-the-top in terms of amenities. For that, buyers need to look closer to the top range in his area of $2 million to $3 million, which gets you at least one-half acre and a newer home with grander upgrades.

"While a home priced over $1 million used to be a 'wow' house, these days that's just a little bigger and newer". -Youssef Zeroual

In Springfield and Lorton, single-family homes are more affordable. They range from the upper $300,000s to the lower $400,000s for an older home built in the 1950s and 1960s, and the $500,000s for a newer or renovated home depending on the location, notes Smith. She says the homes in Kingstowne, especially since they’re near Metro and closer to Old Town Alexandria, are priced in the $600,000s and $700,000s. Those homes tend to be newer and larger than the single-family homes in Springfield and Lorton, she says. 

“The Kingstowne homes have one-fourth to one-half acre and more open floorplans, so we see some competition among buyers for those unless they’re overpriced,” says Smith.
Competition exists in several Alexandria neighborhoods, particularly among first-time buyers and first move-up buyers who had hoped to be in Old Town, says Brittany Patterson. 

“Homes in Rosemont, Beverley Hills, Seminary Park and Seminary Ridge are sought after. Even though you lose a little walkability, you get more land,” she says. “There are bidding wars for homes priced under $700,000 in those areas, but they’re selling fast up to $1 million, too, especially if they have a renovated bath.”

Phyllis Patterson says that two-bedroom homes are priced from the $550,000s and up in Del Ray and other nearby communities, while three-bedroom homes are $850,000 and up and four-bedroom homes are priced starting at $1 million. She says single-family homes near Quaker Lane and Seminary Road, which offer easy access to downtown D.C., are priced from $850,000 to $950,000 and up, depending on condition.
“We’ve seen a big trend recently in uber-luxury historic homes in Old Town selling for $2.5 to $3 million and up,” says Patterson.

Single-family homes are equally sought after in Arlington, where the competition is stiff and prices are high. Older bungalows, small colonials and farmhouses are priced from the $700,000s to the $900,000s, while larger homes, some with renovations or expansions, typically cost between $1 million and $2 million, says Sagatov. She says homes in that price range are not necessarily completely updated for today’s buyers.

“Some new construction, typically priced from $1.5 to over $2 million, is available in North Arlington,” says Sagatov. “Now buyers priced out of North Arlington are moving into South Arlington, where the average sales price for new single-family homes is climbing above $1.2 million.”

Clearly, Northern Virginia offers housing for nearly every price range. The challenge for Realtors® is finding the right home at the right price for your buyers – before everyone else does.