The Bump: Is Mosaic District Already Boosting Property Values in Merrifield?

With election season upon us the media likes to talk about the “bumps” in polls a given candidate receives after major events such as the RNC, or the DNC. But what about the “bumps” areas can get when real estate development occurs?

A question that has floated around for several years now is what impact the Mosaic District in Merrifield (Fairfax) will have on the surrounding areas near the Dunn Loring Metro station.

Well, very quickly things are starting to shape up over in the Mosaic District. Freshbikes (separate post coming) opened their Mosaic District store this past Saturday, Mom’s Organic Market opened it’s doors yesterday, the Angelika Film Center is holding it’s premier next Friday the 21st, and Target is set to open in October.
Fresh Bikes Mosaic District Mom's Organic Market Target Mosaic District
Plenty more store fronts are on the way, such as Anthropologie and Paper Source, and there is tons of new parking to make access to all these shops super easy. Not to be left out, by the way, are all the restaurants that already exist next door such as Panera Bread, Chipotle, and Noodles & Company.

To the topic at hand, will the opening of the Mosaic District impact real estate values in the immediate and longterm future? My answer is a resounding YES, however, there may be evidence that an impact is already in the works. If you check out the chart below and see the average sales prices over the last two years, you will see we are at 2 year highs within each category (condo, townhome, and detached single family) within the 22031 zip code in Fairfax. Now, this is a large zip code, and not all of the area it covers will be impacted, but much of it will be. Not only that, this could very well represent nothing more than a seasonal cycle. (More thoughts after the chart.)

22031 Zip Code (Fairfax)

This chart does not represent conclusive evidence that the area surrounding the Mosaic District has entered some magical and perpetual rise in value, but it might hint at where things are going. *Might*.

In closing: The impact from Mosaic District is going to be about more than just great shops and restaurants. It is also going to be about community. Already there is “Stroller Strides”, an exercise group from Mom’s at Mosaic. There is “Bike Ride Mosaic” which is an open group ride that begins and ends in the Mosaic, and there will be more community activities to come once the area is up and running at full steam.

Have you seen the progress at the Mosaic District? What are your thoughts?

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