Arlington, Alexandria home prices continue to climb

In this Aug. 16, 2019, photo a for sale signs beckon buyers to a home in Virginia. (AP Photo/Steve Helber)

There is no slowdown in rising home prices in Virginia’s Arlington County and Alexandria, and real estate agents continue to point to the Amazon HQ2 effect.

Long & Foster Real Estate reports the median price of a house or condo that sold in Arlington County in August reached $627,500, up 11% from last August. Sellers in Arlington County received, on average, 100.3% of their original list prices.

The number of homes for sale in Arlington County is down 53% from last summer, and what sold last month sold in an average of just 19 days.

In Alexandria, the median selling price in August was $515,000, up 9% from ago. Sellers received an average 99.7% of list prices. The number of homes for sale in Alexandria is down 65% from a year ago.

“The market is not surprising, as it’s more of the same in relation to the numbers,” said Larry “Boomer” Foster, president of Long & Foster.

“Inventory continues to contract throughout the region, and the Amazon effect remains in both Arlington County and Alexandria City,” he said.

Foster believes Amazon’s HQ2 announcement sparked a huge rush to buy homes in the area, and now people are holding onto their homes in the hopes they’ll make more money once Amazon employees move in.

Below is a snapshot of August housing market activity throughout Northern Virginia from Long & Foster. Click to enlarge.

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