After cutting their list of 238 contenders down to 20, Amazon has shortlisted three locations in the DC area for their next headquarters: Northern Virginia, Montgomery County, and Washington, DC. In this series, we’ll be exploring how Amazon’s HQ2 might impact each location’s real estate market.
This is the second installment of our three-part series. If you haven’t already, you can read part one to see what the move would mean for Northern Virginia.
A Quick Refresher
The only county in the country to make Amazon’s shortlist, Montgomery County amped up its bid for the new headquarters by offering an incentive package including $3 billion in grants and tax incentives and $2 billion in transit, road, and related improvements. The county also fits Amazon’s four main location requirements, as per their request for proposal.
If chosen, Amazon HQ2 will bring with it up to 50,000 high-paying jobs, an 8-million-square-foot corporate facility, and a $5 billion investment in new construction.
The Market Impact in Montgomery County
Out of the three DC area contenders, Montgomery County has the lowest median sold home price at $456,000 (source). But if it’s chosen for the next Amazon headquarters, that number is projected to rise. That also includes a rise in rental prices. It’s great news for current homeowners, landlords, and those looking to exit the market or move-up in the next few years.
If Montgomery County is chosen, you’ll likely see it affect the DC real estate market, too. In fact, many people are already moving to DC for the vibrant atmosphere and walkable lifestyle it affords, even if they work in Montgomery County or another nearby area.
For prospective buyers who have been playing the waiting game, now may be the most opportune time to buy – but where? Read on to find out.
Where to Invest
Montgomery County’s proposed site is the lot of the former White Flint Mall, located between downtown Bethesda and Rockville along the Rockville Pike. Aside from the commercial properties in the area, there are condo and apartment buildings within walking distance to the location and suburban communities surrounding the lot with many investment opportunities.
Ready to leverage this exciting community development in your favor? Get ahead of the real estate rush by finding your next investment in Montgomery County.
Whether you are thinking of buying, selling, or investing, now’s the time to contact our team.