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.
Advertisement
Related Stories
Trade Contractors
Skilled Trades Are Open to Technology, Survey Finds
Amidst the ongoing labor shortage, technology and digital tools can offer labor-saving gains, and the skilled trades are willing to embrace new tech in their jobs
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?