Amazon HQ2 housing increase continues to rock northern Virginia

Greater than a 12 months after Amazon introduced the development of its second headquarters in Crystal Metropolis, Virginia, home costs within the area proceed to skyrocket.

Nicholas Lagos

Based on housing knowledge revealed by the Northern Virginia Affiliation of Realtors, the common promoting worth of properties in Alexandria Metropolis, Arlington and Fairfax counties in Arlington County elevated by four% between 2018 and 2019, going from $ 590,582 to $ 614,236.

"The full greenback quantity and promoting costs elevated, and complete gross sales have been corresponding to 2018," Nicholas Lagos, President of NVAR, advised WSUA9. Amazon, which has already began development within the area, plans to have 25,000 employees within the area over the following few years. 4 hundred employees are already working from a rented area; Amazon plans to start development of the pinnacle workplace in early 2020.

All the space surrounding Crystal Metropolis has been rocked by a significant housing increase that hasn't slackened for the reason that firm's November 2017 announcement – gross sales picked up whereas shares plummeted , the homeowners who have been contemplating promoting determined to not count on the worth of their dwelling to extend. . A median northern Virginia dwelling additionally spent solely 24 days available on the market, down sharply from 55 days in 2018.

Ryan Conrad

NVAR CEO Ryan Conrad advised WSUA that costs have gone up with each step Amazon has taken – and he solely expects competitors to develop into fiercer as development progresses and the date opening of the HQ2 is getting nearer.

"The regional economic system is anticipated to point out continued development this 12 months, much like 2019," he mentioned. "Northern Virginia has been the area's chief in job creation, and as Amazon and different native employers add employees in 2020, this could assist assist our sturdy housing market in North Virginia. ”

E-mail Veronika Bondarenko

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