Median Home Price in Arlington Jumps More Than $100k Since Amazon HQ2 News: Report

Eric Broermann May 24, 2019

It’s the latest sign of the “Amazon effect” on the local real estate market.
 
Amazon’s impending move to Northern Virginia has had a significant impact on home list prices in Arlington County, a new analysis by online real estate platform Realtor.com finds. The median list price for a home there has grown 17 percent since last November, when the Seattle-based tech giant announced that it would locate its “HQ2” corporate offices in what Virginia officials, local developers, and Amazon have dubbed the “National Landing” area.
 
“At the time of Amazon’s HQ2 announcement in November 2018, Arlington’s median home price was $640,000,” says a release from Realtor.com. “The median home price in the area has sky-rocketed since then, increasing by a whopping $110,000 or 17.3 percent to $750,000 in April. Comparatively, over the same time frame, the national median list price has only increased $17,000 or 5.5 percent.” The platform adds that Arlington’s real estate market is “unable to keep up with overwhelming demand,” as its inventory fell more than 40 percent.
 
Fewer than 400 Arlington homes were on the market as of April, down from almost 600 as of November, Realtor.com points out. Experts have warned that in the absence of a concurrent increase in housing supply, the “Amazon effect” could render the D.C. area less affordable for middle- and low-income families. Home sales in Arlington surged 50 percent year-over-year immediately after the company’s announcement; area Real Estate Agents told Washingtonian that they were inundated at the time with inquires about buying property in and around Crystal City.
 
There’s some evidence to suggest that people are looking a little farther afield for homes. “The number of active listings in the Northern Virginia area fell 22.5 percent since April 2018, and half of all homes sold rapidly in under 34 days,” Realtor.com says. “Meanwhile, median list prices were up 2.3 percent year-over-year, and reached $545,000 in April.”
 
Amazon last week submitted development plans for its new headquarters with Arlington County. The plans include two, 22-story office buildings across 2 million-plus square feet.
 
Source

Our Blog

Shades of Gray: Selecting Design’s Most Neutral Color Is Trickier Than You Think

April 3, 2024

It’s important to figure out which shade will complement the furniture and textiles.

A cozy living room with a light-colored couch, pillow, blanket, coffee table, side table, hardwood flooring, and white walls.
How to Update Your Kitchen Cabinets With Paint

April 3, 2024

Let’s take a look at when paint works, what colors of paint to use on your cabinets.

Significant Tax Credits? / The MCC, Explained

March 14, 2024

Each State has slightly differing MCC eligibility guidelines and requirements, such as.

5 Common Reasons to Evict a Tenant in Washington, DC

January 26, 2024

A question that almost every prospective client asks us is how we handle evictions.

A Festive Fall Gathering: The Vassar Broermann Group Client Appreciation Party at Butler’s Orchard!

November 1, 2023

This party was truly memorable and everyone had a great time catching up, and eating some food.

Selling a Property in Maryland? You Might Be Eligible for a MD Non-resident Withholding Tax Exemption

October 18, 2023

This was a great thing to know when helping our out-of-state client to sell their investment property.

Easy Home Improvements to Sell Your Home Faster

August 16, 2022

We have always felt presentation is key to selling for top dollar – even in a strong seller's market.

How to Look Up Permits in the DMV

January 16, 2022

We are frequently asked about how to find permit information, so we decided to aggregate the list of links for you!

The Daunting DC School Lottery System

December 9, 2021

The DC School Lottery system opens in January and closes in March each year. You are not alone!

Work With Us

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.