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.