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    The Amazon Effect on Northern VA Housing

    Amazon has promised to hire at least 25,000 employees to work at HQ2 and are poised to be one of Northern Virginia’s largest employers which has everyone wondering what does that mean for the housing market?

    Fox Business News Reported “Alexandria and Arlington, Virginia, are now the two most competitive housing markets in the United States, thanks to Amazon’s coming headquarters, HQ2, in Crystal City, Virginia.

    36% of homes in Alexandria sold above the listing price in July 2019, compared with 24% that same time last year. In Arlington, 36% of homes sold above list price, vs 24% a year ago.”

    The average price of a home in Arlington County in Q2 was $723,821. Home sales are hitting record numbers in Northern Virginia.

    “We’ve definitely seen an increase in the value of homes in the northern Virginia area as a result of the Amazon announcement. Based on the data from the second quarter of 2019, home values have grown anywhere between 7% – 10% in some cases. However, even with the increase in value and average sales price, there are not enough homes on the market and the homes listed last for on average 32 days!” – Ginger Walker

    In a recent interview, Danielle Hale, chief economist at Realtor.com, said “Listing and sales prices are trending higher; inventory is low; and days on market are declining as buyers pounce on scarce inventory, she said.

    Because the average Amazon workers will be making above median income, they will likely buy houses in the higher end of the market. This is good news, Hale said, because inventory is tightest and fastest moving at the entry-level.

    Hale said Realtor.com has seen an increase in Amazon-related keywords in listings, such as “National Landing,” as people leverage Amazon in their marketing.”

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