According to a recent Redfin report, Alexandria and Arlington are now the two most competitive housing markets in the country as a result of Amazon’s plans for a second headquarters in Crystal City. While the national average for the number of days it takes to sell a home is 38, during the month of July houses in Alexandria and Arlington sold on average in 14 days and 11 days respectively.
In these two Northern Virginia cities, a whopping 57% of homes on the market in the month of July were sold within 2 weeks. Comparatively, 40% of homes in the DC metro area as a whole sold in under 2 weeks, while nationally only 29% of homes sold in the same time frame.
According to Redfin, the increased number of potential buyers in Arlington and Alexandria prompted by Amazon’s HQ2 announcement has resulted in around a 50% decline in home inventory. As a result, a healthy percentage of homes sold above listing price in July–45.9% in Arlington and 35.7% in Alexandria. However, despite feverish predictions from analysts, there has not yet been a massive hike in home prices in these two areas. Over the last year, Arlington’s median home sale price rose by only 0.2% while the median sale price in Alexandria actually shrunk by 4.4%.
While home prices haven’t yet skyrocketed, buyers are certainly chomping at the bit to scoop up what will become very prime real estate as Amazon moves in. Buyers watched as housing prices in Seattle shot up thanks to Amazon’s original headquarters, and they want to buy ASAP in hopes that prices will rise by hundreds of thousands in the next five to ten years. And, if you believe home values will go through the roof (no pun intended) as HQ2 grows, it certainly makes sense to buy now and bid a few thousand dollars above asking to secure a property!
If you’d like to get in on the Northern Virginia buying frenzy, please contact Lise at 240-401-5577 or email us at email@example.com! As a Washington area native with 30 years of real estate experience, she can offer invaluable advice and help you scoop up a coveted Arlington or Alexandria home of your own!