Arlington home values to rise 17.2%; inventory has ‘fallen off a cliff’

The Northern Virginia Association of Realtors has revised its forecast for home price appreciation in Arlington County this year to 17.2%.

The arrival of Amazon’s HQ2 prompted the revision.

“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 Cowler, director of the George Mason University Center for Regional Analysis, which worked with the Northern Virginia Association of Realtors on the market forecast.

“The price gains we foresee do not reflect an overall bubble in housing prices, but rather reflect the specific circumstances of our current market,” Cowler said.

The Association’s original forecast for 2019 home price appreciation, made last November, was for 2019 price gains in Arlington County of 5.1%.

The Amazon effect has already shown itself in the Arlington…

Original published: 2019-06-13 08:30:14 Read the full Washington News here

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