Now that Reston has a Silver Line Metro stop in full operation and they’re starting to firm up the plans for retail options around the station—with the announcement of a Founding Farmers restaurant coming next year and pop-up stalls now open for the holiday season—it seems worthwhile to check in on how real estate is doing over there. Turns out, Reston is a hub of activity.
The biggest news is the increase in listings, even in just the past year. Eleven of the past 12 months has seen an increase in listings over the same month in 2014—with many of these increases in the double digits.
Housing prices have made a steady climb since the Recession. They’re not quite as high as the median sales prices in The District (lately they have been around $500,000) but they are getting close.
An even better sign of strong housing market is how many homes are selling at or close to their list price. For several months during this year, Reston sales were within 100 percent of the asking price, which is a significant difference from trends about five years ago.
Usually the hot suburb neighborhoods everyone talks about are Arlington and Bethesda, but don’t count Reston out. In a tight inventory market, the increases in new listings are an encouraging sign. Then there’s the added bonus that the homes are selling near their asking price.
Next year might just be a breakout year for Reston’s real estate market.
Corey Hart is the Senior Product Manager and data analyst at RealEstate Business Intelligence, a subsidiary of MRIS.