It has been 13 months since Amazon made their announcement that they had selected Arlington as the location for its second headquarters, or HQ2. The impact that this has had on Arlington County and Northern Virginia as a whole has been felt by all in the housing market.
In a recent article, Realtor.com reported that the median listing price in Arlington County reached $863,000 in October, up almost 33% year over year. While listing prices increase, the number of Active listings is falling, down 49% year over year in October. Some of this is likely due to homeowners holding out on selling their home in anticipation that prices will only continue to rise, contributing to the low inventory issues. Additionally, we are seeing the days on market timelines drop, making it difficult for potential buyers to even get in line to get their offer in. October’s average days on market in Arlington was around 19, down almost 39% from October 2018.
We live in one of the nation’s hottest and competitive housing markets right now. Investors have already and continue to swoop in to purchase homes quickly, putting local potential buyers in a tough position, especially first-time home buyers. So what does this mean for you if you’re looking to buy or sell a home in Arlington or the surrounding counties? We are here to help! Contact us today for a free buyer consultation or to set up a listing appointment, 571-429-7670 or firstname.lastname@example.org.