According to an analysis report from Bright MLS, since Amazon's announcement of the HQ2 project in Arlington, Virginia, in November 2018, both the rate of increase in housing prices and the speed of home sales in the Arlington area have surpassed those in surrounding regions.

However, an Amazon spokesperson pointed out that the main driver behind the rising housing prices in the region is a shortage of supply, not just the impact of Amazon's presence.

The report shows that from the fourth quarter of 2018, when HQ2 was announced, to the first quarter of 2020, the average price of single-family homes in the "National Landing" market (including the zip codes 22202 in Arlington and 22305 in Alexandria) increased by 17%, compared to a national average increase of 10% during the same period.

Realtor.com's report also found that in the six months following Amazon's HQ2 announcement, housing prices rose by 17.3%, significantly higher than the 5.5% median increase in national listing prices during the same period.

However, over time, the impact of Amazon may diminish. While Amazon initially stated that the HQ2 project would create 25,000 jobs with an average salary of $150,000, reports suggest that only 8,000 employees have been recruited so far, and a smaller percentage are working in the office daily due to remote work.

Additionally, Amazon has paused construction on some HQ2 buildings and implemented layoffs to reduce costs, factors that could affect the future development of the real estate market.

On the other hand, the dynamics of the real estate market have rapidly changed due to the impact of the COVID-19 pandemic.

During the pandemic, ultra-low mortgage rates stimulated homebuying demand. However, simultaneously, housing affordability reached its lowest level since 1984, posing challenges for buyers amidst low inventory and high borrowing costs, with mortgage rates hitting a 23-year high. These factors have all contributed to the effects on the real estate market.