The northern Va region as seen significant growth of the last decade and with the addition of Amazon H2 it will exacerbate the high cost of housing in that area, in addition to new growth in jobs and population. Moving to buy property is pivotal now in order invest or live before prices continue to soar up and availability becomes limited.
The Amazon effect
The impact while significant to the region will not have the huge initial impact many realtors have hoped for because it will be a gradual effect.
One immediate impact of Amazon’s coming is the redevelopment of Crystal City with more transit options, more amenities and more apartments, which will make the area more attractive and some may move from others areas to take advantage of more amenities and be close to potential job offers at Amazon.
Eventhough the impact may not be significant in the number of people initially, the arrival of Amazon has an effect on the surrounding area real estate market with changes in buying, selling and renting. Maybe people whom have been selling their home or condo’s have taken their properties off the market in anticipation of higher sale prices and rental options.
Lack of listings will further grow due to Amazon
“The lack of listings in Alexandria can be attributed to the Amazon effect, in some cases because people took their homes off the market,” Wiard says. “For comparison, in Fairfax County, the number of listings was down just 3.7 percent compared to 47 percent in Alexandria.”
This effect makes it increasingly harder for someone to buy especially if they want to pay 300,000 to 350,000 for a place close to that area. The average cost is $ 575,000 in the Arlington/Alexandria area.
This will move non amazon employee buyers further into DC , Montgomery County and Prince George’s County.
Challenges for the region
Other options for places to look that are nearby , metro accessible and afforable in MD are Hyattsville, College Park, Adelphi, Tacoma Park. In the DC neighborhoods such Michigan Park, Brookland, Woodridge, Langdon,Brentwood, University Heights and few others have opportunites to buy rent and invest at afforabale costs.
If you are planning to buy keep us in mind. There are still afforable opportunities in the DC area but you have to know where to look and what areas are changing. Contact a realtor we recommend to gain information that will be useful for your in your search. We you are ready to place things in storage or ready to move contact us!
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