“Location, location, location” is often quoted in the real estate market and emphasizes the importance of location-based features in people’s housing market decisions. While many locational characteristics stay constant over time, keeping informed of upcoming infrastructure improvements can help determine emerging housing market demand in certain local markets from upcoming location-based advantages. Examples of infrastructure include roads, railways, airports, public transit systems, water supply, electrical grids, internet, and broadband access, among others. Such infrastructural projects tend to reshape housing demand and commuter patterns and are likely to open new opportunities for residential brokers.

Improvements along the I-95 corridor in Virginia are aimed at reducing congestion, especially along Northern Virginia and Fredericksburg. Over the past few years, we have noticed increased buyer interest in areas such as Stafford and Spotsylvania partly because lowered commute times make traveling to employment centers such as Washington D.C. relatively more convenient. Improved highway access along I-81 has attracted buyer demand in towns such as Winchester and Harrisonburg. As the metro and bus lines have expanded, more suburban and exurban locations have garnered buyer interest. With broadband access being set up across the commonwealth, certain previously low-demand markets are starting to be considered by potential home buyers. While implementation and construction phases can lead to temporary disruptions such as noise, pollution, and detours, which can deter buyers, it is essential to highlight the long-term benefits of such projects.

Monitoring project timelines can help brokers guide their clients to capitalize on long-term gains in value. Highlighting future improvements in commute or broadband access can inform buyers of markets they would not have considered otherwise. Below are links to some resources that brokers can use to stay informed about upcoming and current infrastructure projects:

• Virginia Department of Transportation (VDOT)
• Washington Metropolitan Area Transit Authority (WMATA)
• Department of Housing and Community Development (DHCD)

This list is not meant to be exhaustive, and it is worth checking out local government websites that may have dedicated sections that share information on local infrastructure projects.

Overall, current and future infrastructure projects in planning stages are highly likely to influence residential market trends across the commonwealth. Brokers and REALTORS® have a lot of upsides in staying ahead of these changes and helping their clients make informed home purchase decisions.

For more information on housing, demographic and economic trends in Virginia, be sure to check out Virginia REALTORS® other Economic Insights blogs and our Data page.