In the year since Amazon announced it was establishing its second headquarters in Northern Virginia, UrbanTurf has periodically taken stock of various signs from the regional housing market indicating "HQ2"-fueled interest.
Now, a new report delves deeply into how the market has responded over the past year in anticipation of the Amazon campus.
CoreLogic's overall findings indicate a negligible impact on housing prices in the Washington-Arlington-Alexandria and Silver Spring-Frederick-Rockville metro areas, and it seems more reasonable to conclude that HQ2 shielded the area from the price dampening seen nationwide.
However, zip codes which boast close proximity to the future Amazon campus did see strong price growth. Five of the top 10 zip codes with the largest year-over-year growth in the region sit within four miles of HQ2, and eight are within ten miles.
Prices in these zip codes rose anywhere from 8.7 to 12.9 percent. Interestingly, however, the three local zip codes with the strongest price growth are at least seven miles away from HQ2: 20815 (Chevy Chase), 22180 (Vienna), and 22306 (Mount Vernon).
The correlation between proximity to HQ2 and increased home prices was weak until March 2019. Overall, it may be too soon to definitively conclude that Amazon's plans have had a direct effect on the local housing market thus far, although there is evidence of a correlation between proximity and prices.
This article originally published at https://dc.urbanturf.com/articles/blog/the-amazon-effect-or-lack-thereof-one-year-later/16143.
Most Popular... This Week • Last 30 Days • Ever
This Week's Best New Listings includes a Shaw condo with soaring ceilings, a Wesley H... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
A recent build in Anacostia made history as the first code-compliant bamboo building ... read »
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
The recently-filed amendment would help move redevelopment of a police and fire stati... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Post Brothers has plans in the works to convert the Universal buildings into a sprawl... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
The M Street building was built in the early 1980s.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro