What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
A 633% Increase: Home Sales Skyrocket in Northern Virginia Following Amazon Announcement
The Amazon Effect in the Northern Virginia real estate market appears to be quite real.
Prior to the announcement that Amazon would split its second headquarters between Queens and Northern Virginia, UrbanTurf observed that rumors of the online giant's arrival hadn't impacted the housing market in places like Crystal City (one-third of the National Landing neighborhood where the headquarters will be located). However, new data shows that buyer activity skyrocketed following the official announcement.
Twenty-two homes went under contract last month in the zip code* that includes Crystal City and Pentagon City, a staggering 633 percent increase compared to a year ago. The number of new pending sales rose by 121 percent year-over-year. In Arlington and Alexandria counties, new pending sales rose by a respective 46 and 39 percent.
story continues below
loading...story continues above
Inventory felt the effect of this buyer rush. The number of homes on the market in this zip code fell by 85 percent in November. As for home prices, it is too early to ascertain the direct impact that the HQ2 announcement had on real estate values, but we might know more a month from now.
Whether this was a blip or the beginning of a trend is anyone's guess, but UrbanTurf will continue to monitor the activity in this section of Northern Virginia.
*The 22202 zip code encompasses Crystal and Pentagon Cities; there is too little available housing in Potomac Yard, which is outside of this zip code, to draw any conclusions.
See other articles related to: alexandria, amazon hq2, amazon hq2 real estate effect, amazon second headquarters, arlington county, crystal city, national landing, national landing home sales, northern virginia
This article originally published at https://dc.urbanturf.com/articles/blog/a-633-percent-increase-home-sales-skyrocket-in-northern-virginia-following-/14797.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
A new hotel has been pitched for a development site in Mount Vernon Triangle that has... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro