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What kind of effect will Amazon have on home values in our Northern Virginia/D.C./Maryland marketplace? Should you sell now, buy now, or wait?
The answer depends on where you live and what kind of house you have.
I did some research about the average yearly salary of Amazon employees, and truth be told, I wasn’t that impressed—depending on the position, the answer usually ranged from $58,000 to $128,000. C-level executives, meanwhile, earned a yearly average income of $220,000. This means, out of the 25,000 or so people predicted to move into our area, only a handful will be able to afford luxury homes.
If you’re a luxury homeowner, then, this means your situation won’t change at all. If you live in Arlington or certain parts of Fairfax County, though, the story is slightly different. Many organizations predicted a single-digit increase in home values in both areas for 2019, but now they upped it from 9% to 17% in Arlington and 3% to 7% in Fairfax County.
In general, the closer you are to Amazon’s HQ2 headquarters in Crystal City, the better your outlook. If you’re located outside of this area, though, your home’s value won’t be affected.
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Our real estate market has been strong historically, and that won’t change moving forward.
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In any case, there’s no need to panic. There are plenty of other great companies expanding in our area, including Facebook, Microsoft, and Yelp! Our real estate market has been strong historically, and that won’t change moving forward.
If you have any more questions about this topic or you’re thinking of buying or selling soon regardless, don’t hesitate to reach out to me. I’d love to help you.
