ROCKVILLE, Md., July 29, 2015 (GLOBE NEWSWIRE) -- Home sales in communities served by the new Silver Line are increasing at double digit rates as the new line, which is celebrating its first year July 26, heats up sales in local real estate markets it serves, according to the latest June data from big data provider RealEstate Business Intelligence (RBI).
In the first phase of Silver Line construction, four stations opened in Tysons Corner and one opened in Reston. Some 34,000 passengers entered and/or exited the Metro system between all five Silver Line stops combined on an average weekday in June, according to Metro, exceeding initial projections.
Vienna home sales have soared this year, rising 30.6 percent in the past 12 months. Sales in McLean are nearly as strong, up 24.1 percent year over year. Both communities are outpacing Fairfax County’s 19.3 percent year-to-date increase in closed sales, a sign that the new line is adding value to properties served by the Silver Line.
Home sales in Reston proper are up 15.9 percent from June 2014, though they are off in the immediate Zip code served by the new Wiehle-Reston East Station. Some 9,200 passengers enter the Metro system at the Wiehle-Reston station on an average weekday in June, more than 1,000 riders ahead of initial projections for the Silver Line in its first year.
Phase Two of the Silver Line, scheduled to be completed in 2018, is under construction to Washington Dulles International Airport. The second phase will include another station in Reston and two in Herndon as well as Dulles. Herndon home sales are already soaring, up 30.2 percent over last June, nearly double the county’s pace of year-over-year sales. When Phase Two is complete, ridership on the Silver Line is projected to top 68,000 daily passengers by 2025.
“The new line makes it possible for families to enjoy the great quality of life in Fairfax County’s western communities and still commute comfortably to jobs downtown and closer-in locations like Arlington and Alexandria. Improved home sales are an immediate payback to the regional economy. The completion of Phase Two in three years will extend the line farther west, bringing even stronger sales and higher values to thousands of homes accessible to the next generation of stations,” said John Heithaus, RBI’s chief evangelist.
About RealEstate Business Intelligence, LLC
RealEstate Business Intelligence, LLC (RBI) is a primary source of real estate data, analytics and business intelligence for real estate professionals in the Mid-Atlantic Region. Monthly reports for all jurisdictions in the MRIS region, along with interactive charts and graphics, can be found at http://www.getsmartcharts.com/statistics. RBI is the only company in the Mid-Atlantic region that provides timely, online access to statistical information directly from the MRIS Multiple Listing Service (MLS).
Source: RealEstate Business Intelligence