Crystal City Home Prices Are Rising, But Don’t Call It The Amazon Effect

• October 24, 2018

by Nena Perry-Brown

With the heightened attention surrounding Amazon's impending selection for its second headquarters, the odds on favorite for many experts is Crystal City in Northern Virginia. Today, UrbanTurf takes a look at whether that speculation has resulted in speculation in the neighborhood housing market. 

In 22202, the zip code which encompasses Crystal City and Pentagon City, there isn't much evidence that the area market is heating up.

Median home prices rose 6 percent this year, increasing from $523,150 to $555,000, but that rise is on par with the rest of the region. In July, prices jumped to $793,000, a 10-year high for any month in the zip code, but that appears to be just an isolated spike. 

While prices rose in 22202 this year, sales volume didn't follow suit. From January through September, 159 homes sold in the zip code, five fewer sales than during the same period last year. Only 28 of those transactions were all-cash, an indication of minimal investor activity.  

While there hasn't been much of an uptick in the residential housing market in Crystal City, it does seem that those betting on Amazon landing in the neighborhood are instead investing in JBG Smith, which owns a lot of commercial property there. 

This article originally published at http://dc.urbanturf.com/articles/blog/crystal-city-home-prices-hit-10-year-high/14601