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WASHINGTON – It has been more than eight months since Amazon announced that it would plant the site of its second head office in Arlington County. Now, the presence of the technology giant is being felt in the local housing market.
Bright MLS, a multi-agency service badyzing real estate data in the central Atlantic region, recently released a report examining "the amazon effect" in postal code 22202. This area includes several neighborhoods in Crystal City , Virginia, and Landing, the site of Amazon's new headquarters.
The report revealed that the median asking price of a home in 22202, in June 2019, had increased 99.9% year on year, to reach $ 1.6 million.
The median list price for single family homes in ZIP code 22202, according to a recent Bright MLS report.
Bright MLS
Chris Finnegan, Bright MLS vice president of marketing and communications, said Amazon's impact on property values has so far been remarkable.
"Honestly, we have not seen anything like it," he said. "The whole nation and beyond is monitoring the area code 22202 to see the effect of HQ2"
Despite rising property values, 22202 residents are not selling their homes as much as they did before the announcement of Amazon's HQ2 last November. In June 2019, Bright's data indicated that there were only 14 homes on sale for 22202, up from 34 last October.
"I think what you see is that the activity really slows down in the area and I think it's a clear result of people realizing that their greatest badet is their home," he said. he declared. "And, they want to wait and see what kind of appreciation they get as a result of what people call the Amazon effect."
Median home prices also appear to be on the rise elsewhere in Northern Virginia.
According to market forecasts from the Northern Virginia Association of Realtors and George Mason University, median housing prices in Arlington County are expected to increase by 17.2%, year-over-year, by the end of 2019. While housing stocks in Arlington County are expected to be down 18.8% by the end of the year.
Christine Richardson, president of the Northern Virginia Association of Realtors, said the Amazon effect far exceeded the boundaries of National Landing in cities like Alexandria and Fairfax.
She stated that she thought that this could eventually change the appearance of some northern Virginia neighborhoods.
"There is not much land left to build on in Arlington and Alexandria and we are seeing a lot of redevelopment," she said. "I think what we are more likely to see are single-family homes located on half-acre lots. It could be redeveloped in a community on smaller lots to attract more families to the same lot. "
Richardson added that housing demand in northern Virginia was already high before Amazon announced plans to come to town.
The number of active listings on the market in postcode 22202, according to Bright MLS.
Bright MLS
"We were already in what we call a low inventory market," she said. "This means that there were not as many homes for sale as we would like to see. There are more people who want to buy than sellers who want to sell. "
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Back in Zip Code 22202, some residents say they have sparked renewed interest from speculators seeking to buy their properties.
"We have had a lot of flyers in the mail, people have been asking us to buy our property since the announcement of Amazon's news," said Michael Brown, owner of a house with his family in the Aurora Highlands neighborhood of Arlington County.
Brown said, while intriguing, that the idea of quickly leaving the neighborhood was not on the radar of his family.
However, he and his wife are enthusiastic about the additional development that Amazon's HQ2 site could bring to the region.
"We look forward to this becoming a big part of our lives in terms of accessibility," he said.
Joan McCarty lives just down Brown Street. She has lived in the upland area of Aurora for over 30 years.
She also stated that she did not plan to leave the area.
"I like it here," she said. "My friends are here, my roots are here, my garden is here, why would I leave this?"
But she said she feared that the arrival of Amazon will result in an increase in property taxes for the region.
"I see my property taxes probably increase because of that," she said.
Tenants are also preparing for changes to Amazon's HQ2 site.
Ingris Moran grew up in Arlandria Chirilagua, in the city of Alexandria, a predominantly Hispanic neighborhood located south of postcode 22202.
Moran, who is also the main organizer of Tenants and Workers United, said residents of the area must already pay higher rent due to the imminent arrival of Amazon.
"Many members of our community, normally with the renewal of their lease, get an increase of $ 25," she said. "Now it's $ 75 or more, and for a working-clbad family, that's a lot of money you have to withdraw from your income."
Moran said Tenants and Workers United wanted to work with local officials to provide funds to prevent any movement of the arrival of Amazon's QG2.
She added that if nothing had been done, the people in her neighborhood could be left to the next question.
"Where am I going next?" She says. Where will I go, where will my children go to school now, because I can not afford to live in this community anymore? "
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