I have been watching Manassas closely for 2 distinct reasons. Firstly, Manassas’ Micron Technologies late summer announced that it plans to expand its chip making facility over the next 10 years with a $3,000,000,000 investment and promises of 1100 jobs coming soon to Manassas. Secondly, Manassas is ideally located along the VRE (Virginia Rail Express) with service to Crystal City, the location of Amazon’s HQ2. Manassas may become a beacon for ample and affordable housing for incoming technology jobs to the area. In addition, Manassas has been quietly building a data center and technology opportunities. The ground is broken on the new CloudHQ facility now being built on 234. Prices year over year Q1 has risen by approximately 5%. Inventory is still constrained; however, I believe will somewhat normalize in Q2. Townhouse values are rising faster than single family detached homes as first time buyers are actively purchasing townhouses in the area. Investors are also looking to Manassas for longer-term hold opportunities.
Here are some neighborhoods to watch.
Wellington/Cloverhill is a community in the city of Manassas with townhouses, condominiums, and single family homes. Days on market have dropped to 33 from a whopping 118 in 2018. Prices are up consistent with Manassas values overall. The number of homes sold in this community has more than doubled. This community is very convenient to Downtown Manassas, Lockheed Martin, Micron Technologies, and the Innovation Park.
Sudley is an older community near the retail hub of Manassas adjacent to Business 234. Prices in this community have been stable with little change year over year Q1. The number of sold units are up significantly with stable days on market. There is no formal HOA in this community and the location is great. This community is popular for families, first time buyers, and investors. Sudley offers easy access to I66.
Another Manassas community that is seeing growth is Point of Woods. This older community of single family homes and townhouses has seen a 53% drop in the number of sales due to the inventory shortfall. Days on market are down by 23% and prices are up by approximately 6%.
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