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.
A Quick Refresher
Northern Virginia has been pegged by many as the most likely choice for Amazon’s second headquarters. It was shortlisted because it fits Amazon’s four main location requirements, as per their request for proposal:
- A metropolitan area with a population over 1 million
- A stable and business-friendly environment
- An urban or suburban location with potential to attract and retain strong technical talent
- A community that thinks big and creatively in terms of location and real estate
If chosen, Amazon’s 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 Northern Virginia
Just as Seattle experienced, an Amazon headquarters in Northern Virginia will likely cause home prices to increase, which is a fantastic outcome for current homeowners. With Northern Virginia’s median sold price already on the rise at $494,000 – up 2.93% from last year (source) – those who are contemplating a sale should start taking preparatory steps so they are ready to list if Northern Virginia is chosen and the market heats up.
For buyers (especially first-time buyers), there’s no better time to get into the market and avoid the competition that awaits. If Amazon chooses Northern Virginia, our team expects that the housing boom will reach beyond the border and into DC. We already see a lot of buyers looking to move to DC, even if they work on the other side of the river. Meet with your mortgage broker to get pre-approved, and if you’d like to start your search, contact us.
Where to Invest
Two bids have been made for Arlington and Fairfax County, making them the top choice for investors. Keep your eye on neighborhoods near the metro and within a reasonable commute to the area, as they are sure to become even hotter commodities than they already are.
Ready to leverage this exciting community development in your favor? Get ahead of the real estate rush and start looking for your next investment in Northern Virginia.
Whether you are thinking of buying, selling, or investing, now’s the time to contact our team.