Major Transformation Underway at Springfield Town Center Amid Changing Housing Market

Big changes are coming to Springfield Town Center, long considered the heart of Fairfax County’s retail corridor. In June 2025, the mall’s owner secured a $150 million loan to reimagine the aging property as a mixed-use destination with housing, a hotel, and community space.

Construction is already underway on the first phase, which includes hundreds of apartments replacing portions of the parking lot and connecting the mall more closely to surrounding neighborhoods. Future phases are expected to add additional residential buildings, a public park, and improved parking, all designed to create a walkable “live, work, play” district. The first phase is projected to open in 2026.

Despite the cranes, Springfield Town Center remains a busy hub, offering more than a million square feet of retail and entertainment. Operators say both customer traffic and spending have rebounded strongly since the pandemic. The redevelopment is designed to build on that momentum by introducing courtyards, co-working spaces, and community events transforming the mall into a true gathering place instead of just a shopping destination.

A Cooling but More Balanced Market

This ambitious project arrives as Fairfax County’s housing market is shifting. In June 2025, the county’s average sale price per square foot was $369 the same as a year earlier. After several years of rapid growth, prices appear to be leveling off, while supply is increasing. Inventory was more than 50% higher than the year before, giving buyers more options and leverage. Many real estate professionals predict prices could soften slightly in the months ahead, creating opportunities for those who were priced out during the pandemic-era frenzy.

Price trends vary across Northern Virginia:

• Alexandria: up about 2%
• Loudoun & Prince William counties: each up about 2%
• Arlington: down 5.3% to $482/sq. ft.

These regional differences highlight how supply and demand shift depending on local conditions.

County Investments in Growth & Quality of Life

Fairfax County is backing redevelopment with infrastructure and community projects. The state is widening Fairfax County Parkway near Fairfax Station, adding a shared-use path, safer ramps, and improved intersections, with completion expected by spring 2025. Meanwhile, supervisors approved the Springfield Gateway project, which will redevelop 5.77 acres of underused commercial land into as many as 732 apartments with ground-floor retail.

Community amenities are expanding as well. The new Burke-Springfield Center for Active Adults provides 8,000+ square feet of accessible space for residents 50+ and offers classes like Zumba, tai chi, and ukulele free for county residents. Fairfax is also investing in sustainability, with a solar array at Burke Lake Golf Center now supplying 22% of its electricity, and a new net-zero energy Fairview Fire Station under construction.

What It Means for Buyers

For homebuyers, these changes bring both challenges and opportunities. Condo-style living with walkable access to shopping and restaurants is on the rise with projects like Springfield Town Center and Springfield Gateway. Families seeking single-family homes may benefit from road improvements, new parks, and expanded services. Most importantly, stabilizing prices and higher inventory mean buyers no longer need to waive inspections or bid tens of thousands above asking price.

In short, Fairfax County’s housing market is transitioning from a seller’s market toward a more balanced one creating openings for buyers ready to act.

Thinking about buying or selling in Northern Virginia? Any readers with questions or that need real estate help can contact LIST WITH ELIZABETH – Elizabeth Ann Kline at 703-829-5478.