‘Amazon Effect’ Invigorates Northern Virginia’s Housing Market
(Bloomberg) -- Home prices in Arlington County, Virginia, are likely to reach their peak in July with a median sales price of $675,640, according to a report from the Northern Virginia Association of Realtors.
Listing prices have remained robust in the Arlington housing market following Amazon.com Inc.’s November announcement that it’s building a second headquarters in the region. Median home prices in the county are projected to increase 17.2% by the end of 2019.
Housing inventory in Arlington and the surrounding areas is expected to be down sharply, helping explain higher list prices. The number of available homes in Arlington is expected to be down nearly 19% by the end of the year, while in Alexandria, Virginia, inventory is seen down 37.5%.
Strength in Arlington home prices buck a nationwide trend. In April, home-price gains in 20 U.S. cities decelerated for the 13th month, particularly in West Coast areas.
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