Amazon has made the announcement and Amazon HQ2 is coming to Crystal City in an area now called National Landing. If you have spent any time recently in Crystal City, you will notice things look very different. From lots of tables and chairs, to buildings being painted or wrapped in colorful screens.
What does this mean for the Arlington real estate market, or Northern Virginia real estate market? Home values have remained healthy and inventory supply has remained low. Arlington remains in a seller’s market. We have seen buyers come off the sidelines and start making offers as they want to purchase before the Amazon HQ2 announcement as well as before the anticipated increase in interest rates.
Will the Arlington real estate market see big gains as a result of the Amazon HQ2 announcement? We believe there is already some speculation built-in to the current Arlington real estate market. We want to use the opening of the Silver Line Metro as a cautionary tale. Many home sellers held onto their homes near the Silver Line until the metro opened. Unfortunately, the local market had already seen a boost when the Silver Line metro was announced and the home sellers that waited, ending up flooding the market with homes upon the metro opening. That being said, we do expect continued interest in Arlington real estate market, but do not expect double digit increases.
The speculation is Amazon HQ2 will take about 3-5 years to get up and running. We are advising our Arlington and Northern Virginia home sellers, to continue with the plan that we have already put in place for them. Because the real estate market never sleeps, we will continue to advise you and make adjustments when and if we see changes in the market conditions.
We are here to support your real estate goals. We Sell Arlington and surrounding areas.