Last November, Amazon finally announced the plans for its HQ2 project, choosing Crystal City in Arlington, VA for one of its HQ2 locations. Homeowners and real estate investors alike were excited to see what this news would do to home prices. And the numbers are in!
“At the time of Amazon’s HQ2 announcement in November 2018, Arlington’s median home price was $640,000,” says a release from Realtor.com. “The median home price in the area has sky-rocketed since then, increasing by a whopping $110,000 or 17.3 percent to $750,000 in April. Comparatively, over the same time frame, the national median list price has only increased $17,000 or 5.5 percent.”
The effect on affordable housing is possibly troubling. But the new changes to the Arlington accessory dwelling standards is a start to helping increase the supply of affordable housing in the area.
“People are concerned about housing prices and displacement,” says David Cristeal, the housing director of Arlington County. “We’re in a balancing act and doing the best we can to accommodate people, but also preserve community and affordability. We’ve got our work cut out for us.”