The three zip codes which have an 'Alexandria' name but Fairfax County location have come roaring back over the past few years. Just this week the local government approved measures to drastically improve the Richmond Highway corridor, also known as Route 1. The EMBARK Project approved by Fairfax County, will usher in a new land-use plan for the area with a focus on public transportation and improved traffic patterns for the 7.5 mile stretch of corridor. Additional points call for a rapid bus line, increased mixed-use development hubs, known as Community Business Centers, and possibly two new Metro rail stations for the Yellow Line. The total project scope sets aside a maximum of 18,000 new residences and 8.5 million square feet of commercial development.
Rendering of Embark Richmond Highway (source: Fairfax County Government www.fairfaxcounty.gov )
Timing could not be better for the immediate neighborhoods, as the three bordering zip codes (22303, 22306 and 22307) have experienced steady real estate growth including significant Demand over the past few years. In 2017, approximately one-third of all closed properties went under contract in less than 10 days from being listed on the MLS (MRIS) in these specific areas.
Months of Supply (LTM - Last Twelve Months)
(source: MRIS)
Median Sales Price (2015 - 2017)
(source: MRIS)
Total Closed Sales (2015 -2017)
(source: MRIS)
With Fairfax County moving forward on such a large gentrification plan it should be expected that both national and local developers will soon begin to stake their claim for space in busy Southeastern Fairfax.