More than a year after Amazon announced it will build its second headquarters in Crystal City, Virginia, home prices in the area continue to soar.
Nicholas Lagos
According to housing data released by the Northern Virginia Association of Realtors, the average home sale price in Arlington County’s Alexandria City, Arlington and Fairfax counties rose by 4 percent between 2018 and 2019 — from $590,582 to $614,236.
“Total dollar volume and sales prices were up, and total sales were on par with 2018,” Nicholas Lagos, President of NVAR, told WSUA9. Amazon, which has already started construction in the area, expects to have 25,000 workers in the area in the coming years. Four hundred workers are already working from leased space; Amazon plans to start construction on the headquarters in early 2020.
The whole area surrounding Crystal City has been rocked by a major housing boom that has not eased since the company’s November 2017 announcement — sales quickened while inventory fell drastically as homeowners who planned on selling decided to hold off in the hopes of seeing their home value grow. The average home in northern Virginia also spent just 24 days on the market, a steep drop from 55 days in 2018.
Ryan Conrad
NVAR CEO Ryan Conrad told WSUA that prices soared with every milestone Amazon has achieved — and he only expects competition to become more fierce as construction progresses and the HQ2 opening date gets closer.
“The regional economy this year is expected to show continued growth, similar to 2019,” he said. “Northern Virginia has been the region’s leader in job creation, and as Amazon and other local employers build their workforces in 2020, this should help sustain our strong Northern Virginia housing market.”
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