After job data was released in 2020, it revealed that in Northern Virginia, there were fewer jobs lost here due to the pandemic. From September 2020 through September 2021, there was an increase of 45,400 employed (3.1 percent). It represented 62 percent of all jobs regained throughout the state, showing that the region managed to get through the pandemic without as much economic damage as most.

In January 2021, experts predicted that Arlington would bounce back quickly, and as we get closer to the end of the year, all signs point to that prediction being accurate.

If you're thinking about buying a home among properties in the Arlington real estate market, whether for a career move or to start your own business, it's likely to be a good choice with this economy recovering faster than many other metropolitan areas across the country.

Here's a closer look at what you should know about the Arlington area economy post-pandemic.

How the Housing Market is Affecting the Economy

When home prices rise, consumer spending typically rises, leading to higher economic growth due to the wealth effect. The opposite can occur when prices sharply drop, adversely affecting consumer confidence.

From June through August 2021, in the zip code 22201, the Clarendon|Virginia Square|Ballston-Virginia Square neighborhood in Arlington, nearly a third of homes sold above the list price, with the median sales price over $1.5 million, according to Redfin data reported by Patch.com. The publication noted that while the housing market usually starts to cool down following the summer months, picking up again in the spring, experts have predicted that it will continue to be hot throughout the rest of the year.

Overall, in October 2021, home prices were up .2 percent in Arlington compared to last year, with a median selling price of $674,000. Experts say both single-family homes and townhomes will continue to "sizzle" due to low inventory, although condo prices may dip slightly.

Small Businesses

About 90 percent, or 6,000, of businesses in Arlington County are small businesses, defined as having fewer than 50 employees. During the pandemic, both the county and Commonwealth implemented a variety of grants and programs to help keep them running, and it has made a significant difference.

The GRANT 2.9 program was announced in September of 2021. It aims to provide more funds to nonprofits and businesses to aid in short-term recovery. It includes 200 grants of $10,000 to the organizations that are eligible, according to

The Job Market

Several large, multinational companies have been making a home in Arlington in recent years, including Amazon. In January 2021, Microsoft announced that it was on its way too, bringing the Microsoft Technology Center, a global sales and marketing team, and Microsoft Federal. Its goal is to open around the second quarter of 2022, with approximately 1,500 new jobs expected.

Arlington is home to numerous Fortunate 500 companies, prestigious educational establishments, high-profile nonprofits, and a fast-growing startup scene. In addition to Microsoft, the top employers in the area include Lockheed Martin, Nasa, Wegmans Food Markets, and the Federal Reserve System.

As of September 2021, the unemployment rate in the county was just 2.2 percent, compared to 4.8 percent nationally. The average household income in Arlington is nearly double the national average of about $80,000, at more than $154,000.