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
Harry Wardman is responsible for developing huge swaths of northwest DC, from row hou... read »
The neighborhoods where prices have risen the most have one thing in common.... read »
UrbanTurf reached out to a local economist to see which direction home prices are hea... read »
Here are some precautions to take before buying real estate with a buddy.... read »
Intersect at O includes five dramatic elevator townhomes, designed for luxury living.... read »
With interest rates reaching their highest levels in 14 years, it is critically impor... read »
Before deciding to build an addition to your rowhouse, find out whether you'll need t... read »
A stately five-bedroom Woodley Park house has been home to not one, not two, but thre... read »
A look at the residential projects in the works within a block or two of Dave Thomas ... read »
The most active developer in the Union Market has more plans on the boards.... 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