The Amazon Effect: A Rabid Sellers’ Market

May 22, 2019
Cardboard box Amazon man_Amazon announces it will open second headquarters in Virginia
Photo by Hello I'm Nik on Unsplash

Arlington, Va., is a sellers’ market thanks to Amazon’s announcement almost seven months ago that it will open a second headquarters in the Crystal City neighborhood.

Redfin reports that the median home sale price in April increased 17.7% annually to $665,000, and the typical home went under contract in just six days after listing compared with 10 days last year. Housing supply year over year dropped 41.8%, the biggest single drop since March 2013. Redfin agents report that their buyer clients routinely face competition from other offers; investors are trying to snap up condominiums in hopes of renting to Amazon employees, and sellers jacked up home prices by $10,000 to $20,000 after the Amazon announcement.

“Sellers in Arlington are excited. It’s nice to have people nearly begging to buy your property, but for homebuyers, the market is challenging,” says Redfin agent Marcia Burgo-Stone.

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