This month, Home Value Forecast takes a look at how Amazon’s HQ2 announcement will impact real estate markets in Washington, D.C., and the New York metropolitan area.
In the January 2018 Home Value Forecast, we predicted northern Virginia would be the likely winner in the Amazon HQ2 sweepstakes. Ten months later we find we were half right, as Amazon has decided to split HQ2, with new campuses in Arlington, VA (Pentagon City and Crystal City in Arlington, Potomac Yard in Alexandria), and Queens, NY (Long Island City).
In this month’s report, we examine the current and forecasted real estate market health for both metros. Alexandria and Queens have had consistently high-performing markets as of late, but just how high is the ceiling for these housing markets?
“Amazon would have been a game changer regardless of what city they chose,” said Tom O’Grady, CEO of Pro Teck. “By adding headquarters in not only one, but two high-performing metros, it will be interesting to see the impact this has on the entire economies of these regions.”
Click here to read the entire forecast, including data and graphs that further highlight market trends discussed in this release.
This shows that both markets were already “hot,” but the addition of Amazon only further fuels the trend.
In Long Island City, both single family homes and condo are both averaging over $1 million sale prices.
In Alexandria, prices are a little bit more in reach, especially in the condo market.