“This is a market response to the Amazon HQ2 announcement with investors competing with residents for a shrinking number of homes for sale,” said Terry Clower with the Northern Virginia Association of Realtors on the market forecast.
The Association had initially predicted an increase of just 5.1 percent by the end of the year. However, the median price of homes sold in Arlington County in May was $615,000 -up 9.8 percent from May last year.
Home prices in Fairfax County have also made a significant leap from the projected 3.1 percent last year to about 7 percent.
Meanwhile, the number of homes sold in Nothern Virginia reached a 14-year high in May. But, despite the rising demand, Arlington's inventory is very low. Many potential sellers are holding out as they await Amazon's arrival to see how much more value their homes would gain. Still, others may decide to convert their homes to rental properties.
Home prices in Arlington are not about to go down any time soon.
This is according to a report released by the Northern Virginia Association of Realtors which projected home price appreciation in Arlington County this year to spike to 17.2% by the end of 2019.
“This is a market response to the Amazon HQ2 announcement with investors competing with residents for a shrinking number of homes for sale,” said Terry Clower with the Northern Virginia Association of Realtors on the market forecast.
The Association had initially predicted an increase of just 5.1 percent by the end of the year. However, the median price of homes sold in Arlington County in May was $615,000 -up 9.8 percent from May last year.
Home prices in Fairfax County have also made a significant leap from the projected 3.1 percent last year to about 7 percent.
Meanwhile, the number of homes sold in Nothern Virginia reached a 14-year high in May. But, despite the rising demand, Arlington's inventory is very low. Many potential sellers are holding out as they await Amazon's arrival to see how much more value their homes would gain. Still, others may decide to convert their homes to rental properties.
“This is a market response to the Amazon HQ2 announcement with investors competing with residents for a shrinking number of homes for sale,” said Terry Clower with the Northern Virginia Association of Realtors on the market forecast.
The Association had initially predicted an increase of just 5.1 percent by the end of the year. However, the median price of homes sold in Arlington County in May was $615,000 -up 9.8 percent from May last year.
Home prices in Fairfax County have also made a significant leap from the projected 3.1 percent last year to about 7 percent.
Meanwhile, the number of homes sold in Nothern Virginia reached a 14-year high in May. But, despite the rising demand, Arlington's inventory is very low. Many potential sellers are holding out as they await Amazon's arrival to see how much more value their homes would gain. Still, others may decide to convert their homes to rental properties.
