Amazon turns northern Virginia into country’s most competitive home market

The 1750 Crystal Drive building, center, stands while being “reskinned” during renovation in the Crystal City neighborhood of Arlington, Virginia. / Andrew Harrer / Bloomberg

By Prashant Gopal | Bloomberg

Even before Amazon.com Inc. completes its northern Virginia office hub, the e-commerce giant has helped make the area the most competitive housing market in the U.S.

It’s hardest for buyers to win a home in Alexandria and Arlington, cities near Washington’s Reagan National Airport and close to where Amazon is building its East Coast headquarters, according to a study by Redfin Corp. The brokerage’s analysis factored in bidding wars, waived contingencies, above-list-price offers and how fast properties went under contract.

Homes that sold last month were on the market for a median 11 days in Arlington and 14 days in Alexandria, about a week less than in the previous July for both locations. That compares with 27 days in the Washington, D.C., metropolitan area and 38 days nationally. About 57% of homes near Amazon’s northern Virginia site were snapped up by buyers in two weeks or less.

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