Housing prices in Alexandria and its surrounding areas is slated to be higher than originally projected by the North Virginia Association of Realtors (NVAR). President of NVAR Christine Richardson states that housing prices will increase and inventory will decline due to a market response to the Amazon HQ2 announcement. In Alexandria the average sale price of a home in May was $597,000 which is a 3.5% increase from a year ago. There was a decline in the inventory of home in Alexandria compared to last year which means that more buyers are competing for fewer homes. Homes are selling significantly faster compared to the same time year however some residents are waiting for higher prices or deciding to rent their homes instead of selling. In Alexandria the number of available homes is expected to show a year end decline of 37.5% in 2019 compared to a projected figure of 0.6% by year end.
In an effort to be closer to the new Amazon headquarters and its HQ2 project in Arlington, the Virginia Tech Innovation Campus will now be located at Potomac Yard on land currently occupied by a movie theater. The campus will be located at 3575 Richmond Hwy, just south of Four Mile Run Stream which separates Alexandria and Arlington and puts the campus within near proximity to the nation’s capital, diverse industries and leading technology companies. The campus was originally slated for Oakville Triangle however there is a need for the university to grow which would not have been possible at that location.