Skip to main content

Housing Prices Soar Ahead of New Amazon HQ in Virginia

Phil Hall
May 24, 2019
Photo credit: Getty Images/josephgruber

Amazon has yet to begin work on its second headquarters complex in the Crystal City section of Arlington, Va., but the e-commerce behemoth is already causing the local housing market to become much more expensive.
 
According to analysis by Redfin, the median home-sale price in Arlington was up 17.7 percent annually to $655,000 and the typical home that sold went under contract in just six days during the six-month period since Amazon announced Arlington as its destination site has. The local housing supply was down 41.8 percent year-over-year, the biggest annual drop since March 2013.
Photo credit: Getty Images/Andrei Stanescu
 
Arlington is part of the Washington, D.C., metro market and it is helping to fuel that area’s housing surge. Redfin reported this metro was the third fastest major U.S. market in April, with the typical home under contract in 10 days. The only places where homes sold faster were Amazon’s hometown of Seattle and in nearby Tacoma, which is about 35 miles south of Seattle, where the typical home that sold in April in each area went under contract in nine days.
However, not everyone in the Arlington housing market is benefitting from Amazon’s upcoming presence.
 
“Sellers in Arlington are excited,” said local Redfin Agent Marcia Burgos-Stone. “It’s nice to have people nearly begging to buy your property. But for homebuyers, the market is challenging. Inventory is low because investors are snapping up properties and some would-be sellers have decided to hang onto their homes for a year or two because they believe their values will continue to rise. There are a lot of people in the area who aren’t Amazon employees, and some of them may find it difficult to find and afford homes in the coming years.”
 

 
Published
May 24, 2019
KBRA Assigns Preliminary Ratings To SEMT 2021-6

Pool Of 497 First-Lien Loans Combined Have A Principal Balance Of Nearly $449M

Industry News
Sep 16, 2021
Fugo Appoints Bahlman As VP, Client Relations & Sales

Brings 19 Years of Experience To Texas-Based Back-Office Support Company

Industry News
Sep 16, 2021
Envoy Mortgage Expands To Atlanta

Envoy Mortgage lender expanded its Southeast operations to Atlanta, GA.

Industry News
Sep 15, 2021
FHFA Suspends Controversial PSPA Amendments

Today, the FHFA will be suspending controversial provisions added to the Preferred Stock Purchase Agreement (PSPA) on January 14, 2021.

Industry News
Sep 15, 2021
Covius Holdings To Acquire Nationwide Title Clearing

All 670 NTC Employees, Including Senior Management, Will Join Covius

Industry News
Sep 14, 2021
MBA Appoints AVP Of Diversity, Equity, & Inclusion

Promotes Amber Lawrence From Position As Associate Director Of Career Development Programs

Industry News
Sep 14, 2021