If you’re a resident of the Fairfax Station area, then the news of Amazon’s nearby HQ2 might have left you with some questions. After all, the company announced that they were planning on bringing in over 25,000 new employees to the area — and those employees will need somewhere to live.
For homeowners and investors in Fairfax Station, this is a good thing. Housing prices and rent costs are sure to see a significant increase, although it may not happen right away. Luckily, since Amazon already has a headquarters in Seattle, we can predict a little bit more about what this development will mean for local real estate.
The Seattle Example
After Amazon made the move to Seattle, its real estate market experienced a consistent boom. The city now has one of the strongest markets in the United States and always appears on the top of nationwide lists for things like home value and rent increase.
The neighborhood that houses Amazon in Seattle — South Lake Union — previously acted as an industrial area filled with low-rise buildings. Now, the neighborhood is full of shops, restaurants, and amenities — not to mention expensive homes.
According to a recent article by Forbes, the increase of jobs in this neighborhood thanks to Amazon has led to about a $44 rent increase for an average-sized apartment. But it wasn’t just South Lake Union — rents all over the city saw a significant increase thanks to Amazon’s influence.
Here in the Northern Virginia region, there won’t be quite as large of a facility as Seattle, but it will still be significant. Amazon plans on building their new headquarters in an area called the National Landing, located by Arlington and Alexandria in Crystal City.
With the construction of the new HQ2, the company will bring in around 25,000 new jobs over the course of a decade. While this may not indicate a huge spike in growth right away, it definitely means that the local market — and highly desirable suburban areas with easy access to the city — will see a significant increase in sold homes and rented properties. In fact, in the week after the announcement, online searches from major tech hubs regarding housing in Crystal City spiked by more than 700%.
Effect on Fairfax Station Housing
If you’ve ever thought about getting into investing or property management, now might just be the best time. A recent analysis from McEarney Associates shows an average of 70,000 more homes could be sold per year, and that doesn’t even cover the number of rental properties.
Fairfax Station residents also get the best of both worlds. While the area will likely see a boost in the housing market, Amazon’s HQ2 will still be about a half-hour down the road. Residents can avoid the construction period, traffic, and general inconveniences of the headquarters being nearby, while also enjoying the financial benefits.
Find Your Home in Fairfax Station
Looking to get in on the ground level before the housing market takes off? Give the local experts at the Move with Marion Team a call. With years of experience in the area and tons of professional resources, we’re here for all of your real estate needs.
Whether you’re buying, selling, investing, or just curious, get in touch with us today!