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Amazon choosing Arlington for its HQ2 campus was widely expected to increase area housing prices, but a sharp drop in available supply has exacerbated the price spike.
The median listing price for Arlington County houses increased from $640K in November to $750K in April, according to a report released Thursday by Realtor.com.
The increase of $110K, or 17.3%, comes during a period when national median list prices increased by $17K, or 5.5%, the report found.
The rise in housing prices associated with a surge in demand for the area following the HQ2 announcement has been compounded by a scarce supply of homes on the market. The report found Arlington's inventory of houses for sale in April totaled less than 400 listings, down 48.2% from November.
"With a household name as big as Amazon moving into Arlington's backyard, we expected that home prices were going to increase, but because the number of homes for sale is not keeping up with demand, the price growth we've witnessed so far in both the mid-market and luxury sector has been dramatic," Realtor.com Chief Economist Danielle Hale said in a release.
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