The Mantua Report
from your Mantua Neighborhood Realtors
January 20, 2023
Dear Neighbors,
The Northern Virginia Association of Realtors has published its year-end statistics for the region and report an average price increase of 13.02%. This includes all types of housing—condos, townhouses and single family homes. The market has increased well
over 20% in the last 2.5 years. 2021 showed an increase of 5.35% and 2020 showed an increase of 8.85%. The average property price was $794,775 at the end of 2022. Fairfax County average sales price of all types of housing in 2022 increased by 7.43%.
Economists are predicting another healthy market in 2023. Interest rates are expected to continue rising and this should help to stabilize prices after the first few months of the year. This will make it less competitive and easier for first time buyers to
purchase property, especially once we see more inventory. The 30 year fixed rate for a conventional loan with no points is currently 5.875% compared to 3.22% this time last year.
The 2022 statistics showed that, in Mantua, 52 homes sold with an average price of $970,878 and sold in an average of 8.4 days. This compares to 2021, when 53 homes sold, and the average price was $948,482 and they sold in an average of 13 days. The price
increase in 2021 in Mantua was 9.6%, up from $864,833 in 2020, and $797,105 in 2019. We have seen a 22% increase in prices since the end of 2019.
Ridgelea Hills had 6 homes sell this past year, with an average sales price of
$1,101,233, compared to a much higher number of homes that sold in 2021 than usual:
12 homes sold for an average of $1,073,294, up 14.4% from the $937,500 end of year
2020 average, when only 2 homes sold.
In the extended Mantua community:
- Pine Ridge – 8 homes changed hands for an average price of $993,570.
- Sutton Place – 2 homes sold for an average sales price of $860,000.
- Winterset in Annandale (part of Mantua School District) – 12 homes sold for an
average of $920,908.
2022 got off to an incredible start with the low interest rates motivating buyers to get
into the market. The prices peaked around May 2022 and then stabilized for a couple of
months. During the summer months the mortgage rates increased and we experienced a
slowdown in the market. Even though we saw prices decrease from where the market was
at its peak, keep in mind that homes are still selling for significantly more than they were
in previous years, so it is STILL A GOOD TIME TO SELL. We continue to see a lack of
inventory, and combined with the pent up demand from many buyers sitting out temporarily,
this will help drive the 2023 Spring market. Lenders are making loans attractive in
many creative ways for buyers which is helping also. More companies continue to move to
Northern Virginia. This is all good for the local economy and housing market.
The conforming limit in our “high cost” area for conventional loans will be raised
to $1,089,300 this year which will make it easier for buyers to purchase with the rising
prices. Purchasers can obtain mortgages at the lowest rate up to this loan amount. This
will be advantageous for the market, as our prices continue to increase in the area.
We were very grateful that our industry remained healthy again this year, being
able to help 31 sellers and 12 buyers in 2022, and we continue to be the
number 1 agents in the Vienna Long and Foster office. It is our pleasure to
continue to sponsor and contribute to our local schools, youth sports
teams and charities.
Thank you to everyone who used our services for the first time this
year and our many repeat clients. We also appreciate your referrals.
We hope you will call us if you have any questions related to real
estate, need the names of reliable contractors, or advice about
selling your home in the upcoming years. In the meantime, we
send our best wishes to you and your family and hope 2023 will
bring peace both here and abroad.
Anne and Sarah
We're real estate specialists in properties located in the desirable Fairfax community of Mantua. We live in Mantua and have firsthand knowledge about the friendly neighbors, great amenities, top-rated schools, and the wonderful homes that make Mantua such a popular place to live.
January 14, 2022
The Northern Virginia Board of Realtors has published its end of year statistics for 2021 and report an average increase of 5.35%over the previous year. The market has increased over 14% in the last 2 years. The average property price was $703,197 at the end of 2021 and includes all types of homes including condos. Fairfax County increased by 7.8%.
Economists are predicting another healthy market in 2022. Interest rates are expected to continue rising and this should help to stabilize prices after the first few months of the year. This will make it less competitive and easier for first time buyers to buy property, especially once we see more inventory. The 30 year fixedrate for a conventional loan with no points is currently 3.22%.
Mantua in 2021, 53 homes sold. The average price was $948,482 and they sold in an average of 13 days. The inventory was much lower than the previous year which contributed to the average sales price increase of 9.6%, up from$864,833 in 2020, and $797,105 in 2019.
Ridgelea Hills had a much higher number of homes sell in 2021 than usual: 12 homes sold for an average of $1,073,294, up 14.4%from the $937,500 end ofyear 2020 average, when only 2 homes sold.
In the extended Mantua community:
- Pine Ridge 8 homes changed hands for an average price of $1,083,975.
- Sutton Place 3 homes sold for an average sales price of $850,333.
- Winterset in Annandale, part of Mantua School District, 9 homes sold for an average of $787,340.
Many sellers listed their homes despite the restrictions of Covid and obtained great results, often with multiple contracts, waived contingencies and escalated prices. We had 3 listings that sold for $200,000 over the asking price or more, and one home we listed in Ridgelea Hills obtained 33 offers in March. The continued low inventory and low mortgage rates helped to fuel the market and the desire of people to move into bigger spaces in the suburbs with home offices and outdoor space was much in demand like last year. More companies continue to move to
Northern Virginia. This is all good for the local economy and the housing market. The conforming limit in our “high cost” area for conventional loans will beraised to $970,800 this year which will make it easier for buyers to purchase with the rising prices. Purchasers can obtain mortgages at the lowest rate up to this loan amount. This will be advantageous for the market, as our prices continue to increase in the area. Economic news indicates that the mortgage interest rates will rise this year, but we still expect that rates will remain below 4%.
We were very grateful that our industry remained healthy again this year, being able to help 37 sellers and 22 buyers in 2021.We continue to be the number 1 agents in the Vienna Long and Foster office and this enables us to continue to sponsor and contribute to our local schools, youth sports teams and charities.
Anne and Sarah
ALL ABOUT
MANTUA
Mantua was built on parkland in the 1960’s. The builder did not tear down many trees or change any of the natural landscape, so there are still large oak trees and hills and streams running naturally through the neighborhood. The neighborhood is made up of several legal subdivisions: Mantua, Mantua Hills, Ridgelea Woods, Ridgelea Estates, Langhorne Acres, Sunny Hills, Skybrook, Stockbridge, and Westchester. People are drawn to the the neighborhood’s excellent schools and convenient location just outside the beltway at the Rte 50 AND the Rte 236 exits. There are several commuting options for people traveling downtown during rush hour: I-66, Rte 50, Rte 29, I-395. |
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HOUSING
MARKET
Houses currently run from $650,000 - $1,500,000. Occasionally a builder will construct a new house that will sell for $1,300,000 - $1,500,000. Most of the homes are built on half acre lots, but there are also some quarter acre lots and a few larger lots on acreages of between 1/2 and 1. Houses range in style from the traditional colonial and split level homes to split foyers, ramblers, raised ramblers, and bi-levels. There are several contemporaries, that are quite large and all brick. These are called the Phoenix models and they vary in size, from 3 to 5 bedrooms with partial or full basements. Other contemporaries built of wood can be found along Prince William Drive and Coronado that were designed by the well known architect, Ken Freeman. These houses are also flat roof homes and considered to be more of a “California contemporary” style. Another style of contemporary, of a good size, with 3 floors, can be found on Amberley Lane and Mantua Drive. Several homes in the neighborhood have their own swimming pools. |
SCHOOLS
Being part of the Fairfax County Public School system, we have an excellent elementary school within the boundaries of the neighborhood, safely nestled on a private cul de sac. Frost Middle and Woodson High are considered to be excellent schools also and among the top schools State wide. Frost is one of the few middle schools in the area that has a 10 out of 10 rating. Woodson has been listed in Newsweek magazine several years in a row among the top 100-150 high schools nationwide. In 2014 WT Woodson was listed as #128 out of awarded a Gold Medal. (see http://www.usnews.com/education/best-high-schools/national-rankings/page+6 to view the entire article). This survey focused on the importance of students being ready for college. The criteria of the study mainly looked at how many advanced placement courses and exams are completed at the school in relation to how many students are enrolled in the entire school. Woodson has just undergone an expansion and renovation that was very successful, giving the school, in addition to its great academic reputation, updated facilities, science labs, a new auditorium, and a renovated gymnasium. Read more about W.T.Woodson in the New York Times. |
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PARKS AND TRAILS
The neighborhood also has two county and city parks attached. One is a Fairfax City ball field for little leagues, Thaiss Park. The other is a family park, Eakin Park I, with a baseball field, playground and two public tennis courts. There is also a trail going through the neighborhood that is part of the Accotink trail. This trail goes all the way to Accotink Lake and is paved for almost the entire way.
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AMENITIES
NEARBY
There are many options for grocery shopping in the area. Shopper’s Food Warehouse has recently renovated up at Pickett Shopping Center, providing us with a reasonably priced food store. Trader Joe’s is also very good value and is located in Pickett Road Shopping Center. Here here are many organic and healthy food options and a reasonably priced, good wine selection too. A large Safeway is located on the way to Vienna Metro at Pan Am shopping center. Mantua is also not very far from Wegman’s at Fairfax Corner and Whole Foods in Vienna. The Korean supermarkets at Merrifield and on Rte 50 West provide excellent places to purchase good quality produce, especially vegetables and fish, at reasonable prices.
Fairfax County Recreation Centers are located at Providence Rec Center – just inside the beltway on Rte 50 and also Wakefield Recreation Center, which is on Braddock Road. Both have large indoor pool facilities and gyms and offer many classes and monthly passes. Classes are for pre-school age children through seniors.
George Mason University is nearby, providing a good venue for concerts, sporting events, and other entertainment at the Patriot Center.
There are all types of restaurants in the area—many different ethnic restaurants and some American restaurants too. Some of the local favorites are Artie’s and Sweetwater (Great American Restaurants group), 2941 (more upscale), Jaipur, The Wine House, to name just a few. Mosaic Center at Merrifield was completed in 2013 and it offers many great dining options, a new Target, boutiques and Angelika Movie Theatre. Restaurants include, True Food, Ted’s Bulletin, Matchbox and Gipsy Soul. The Dunn Loring metro is just around the corner and this has also developed a great shopping area with more restaurants and a Harris Teeter in 2014-2015.
Tysons Corner and Fair Oaks Shopping Centers are approximately 15 minutes drive.
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MANTUA SWIM
AND TENNIS CLUB
Mantua has its own Swim and Tennis Club, with 2 pools, a baby pool and 4 lit tennis courts. There is a gazebo at the tennis courts for outdoor entertaining and the clubhouse at the pool can be rented out for larger indoor parties. The social committee holds a few parties a year at the clubhouse—including a holiday party, newcomer’s dinner, block captain’s luncheon. There is an active swim team, dive team and tennis team for kids. We have a tennis pro who manages the children’s lessons and matches in the area with other tennis teams. There is a very active women's, men's singles and doubles program here too for adults, and a Friday evening social tennis season during the summer months. All this is very affordable (Approx $60 per summer for each child playing tennis, swim team membership is about the same, pool membership is a one time membership fee $1,400 plus a $100 transfer fee plus $525 annual dues). |
There is an approximately three year waiting list, unlike surrounding neighborhoods, to become a member of Mantua Swim and Tennis Club. It is important to try and buy the membership with the house if you want to use the pool immediately. Although, almost everyone who has wanted to rent a membership while they are waiting to purchase one has been able to over the last few years. Rental memberships run at $700 per season.
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COMMUNITY
There is a strong sense of community, which is one of the attributes this neighborhood is known for, as well as its geographical and physical traits. There are lots of different types of people in our neighborhood from various backgrounds and who have diverse interests. There are many clubs open to all neighbors. We get together for an annual parade/picnic and a few other community events. There are lots of parties in the neighborhood organized by the Swim and Tennis social committee as well as the Mantua Citizen’s Organization. Parties are diverse in theme, ranging from Crab Feasts and Dog Days of Summer parties during the time the pool is open, to Casino night, Band evenings. There is always a winter holiday party at the clubhouse to which all are welcome, and sometimes an Oktoberfest gathering too.
The Mantua Citizens’ Association offers an online monthly newsletter to all homes within the development. There is also a Mantua Directory that is printed every 2 years. Dues are only $20 per year to cover the costs of these publications and a few other expenses, including the picnic and parade and other social events. The MCA organizes a Newcomers’ Dinner in the Spring as well as a Block Captain’s and Neighborhood Watch and other Volunteers’ Luncheon.
People have different reasons for wanting to live in Mantua. In summary, some of the reasons they choose our neighborhood:
- Top Fairfax County Schools
- Great sense of community with elementary school within neighborhood
- Swim and Tennis Club, annual parties and neighborhood parade and events
- Large wooded lots with mature trees, azaleas and other plantings
- Great location just outside the beltway-very easy to get to most areas for commuters
- Abundant parkland, woods and trails; feeling of being close to nature
- Good selection of restaurants, shops, recreation areas and amenities nearby
- Easy commuting and many road options to downtown DC, Alexandria, Dulles Toll road
- Both Vienna and Dunn Loring Metros 10 minutes drive away
- Tysons Corner and Fair Oaks Mall both within 15 minutes drive
- 20-25 minutes to both Dulles International and Reagan National Airports, 1 hr to BWI
- Fairfax Hospital just 2 miles
- Housing holds its value in this sought after neighborhood and school district
Subject to
errors and omissions without notice
Please
email sarah.harrington@cox.net for additions and corrections |
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