The 'Amazon Effect' in Northern Virginia

April 15, 2019
Home to the new one and only HQ2, Northern Virginia's housing markets are feeling the pressure ahead of Amazon's arrival.
Photo: Patrick Tomasso/Unsplash

 

Home to the new one and only HQ2, Northern Virginia's housing markets are feeling the pressure ahead of Amazon's arrival.

After the company's announcement of its plans to put a second headquarters in Northern Virginia, average selling prices are surging, sales pace is getting faster, and inventory "is shrinking about as fast as mom-and-pop bookstores," in Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City MarketWatch reports. “Open house traffic is way up, and multiple offers are the norm at the most desirable price points,” said the Northern Virginia Association of Realtors.

Homes were on the market for 39 days, down 31.6 percent compared to a year ago in March.

NVAR put out a press release Thursday titled “Home sellers win in Northern Virginia’s March Housing Market Madness.” Another way to put that, of course, is that many would-be buyers are losing out.

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