Single-Family Home Prices Up Nearly 100 Percent in National Landing
In the eight months since northern Virginia was selected as a destination for retail juggernaut Amazon's second headquarters, the housing market in Arlington has been on a rollercoaster trajectory. Now, a new report from Bright MLS aims to trace the effects Amazon has presumably had on the market in "National Landing".
As anticipation created a frenzy leading up to the November HQ2 announcement, the number of closed sales spiked in National Landing, a designation for the Amazon campus which encompasses parts of Crystal City, Pentagon City and Potomac Yard. Pending sales in the 22202 zip code, which Bright MLS uses to identify National Landing, were 121 percent higher the month of the announcement than in November 2017.
story continues belowloading...
story continues above
When the HQ2 news broke, however, sales activity dropped, with new pending sales flat in December and dipping by 63 and 50 percent year-over-year in January and February. The number of new listings hitting the market fell by 85 percent from October to November, and was down by 70 percent year-over-year in June.
“This severe lack of inventory in 22202 could be the result of homeowners waiting for their property values to peak as the official opening of HQ2 grows closer,” Chris Finnegan, Vice President of Marketing and Communications for Bright MLS, said in the report.
Those who are listing their homes are pricing them ambitiously. Single-family homes that hit the market in June are being listed at a median price of $1.6 million, a whopping 99 percent premium compared to June 2018. Last December, the median list price was $1,369,900 — 75.5 percent higher than it was the month prior when Amazon made its announcement.
See other articles related to: amazon, amazon hq2, amazon hq2 real estate effect, amazon second headquarters, bright mls, national landing, national landing home sales
This article originally published at https://dc.urbanturf.com/articles/blog/home-prices-up-nearly-100-percent-in-national-landing/15662.
Most Popular... This Week • Last 30 Days • Ever
Ten years later, plans to construct nearly 150 townhomes at DC's most hotly debated d... read »
LEGO lovers will likely be first in line for the National Building Museum's latest ex... read »
JBG Smith has plans for a seven-story project along Crystal Drive.... read »
The "trailer park" where homes sell for millions; a renters utopia; and ideas for whe... read »
Airbnb's party crackdown; the return of Adams Morgan; the resurgence of Cleveland Par... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro