If the Commanders move to our county, will home values increase?
Washington’s NFL team finally has a new name, and they may have a new location to go along with it. If the Commanders move to Prince William County, how will it affect home prices?
The short answer is that it’s too early to tell. Developers hedge their bets all the time, so we can’t use their decisions to reliably predict anything. However, even if the Commanders announced today their new home was our county, it would take years for the move and economic benefits to impact our market.
Another thing to consider is that Prince William County would need an infrastructure overhaul if the move happens. The county supervisors will have a lot of say in this matter, so when they start discussing changes, it could be time to take this move more seriously.
“Don’t wait for the Commanders to sell your home.”
While many people are thinking about residential home values increasing, commercial real estate might be the biggest winner of this potential move. The Courts District is coming soon, regardless of a move, and this commercial hub would be spurred by a nearby professional sports team.
If you’re concerned about home prices in our county, don’t worry about whether or not an NFL team will move here. Our area has inherent value. Prince William County’s average home price is around $560,000, and nearby counties aren’t far behind. There’s a reason why most of my investment portfolio is in Prince William County, so if you’re waiting for an NFL team to buy here, I would go ahead and make the move.
Considering this, should you wait for the Commanders to sell your home? I don’t think so. The question you should ask isn’t, “Will the Commanders come or not?” Instead, ask yourself, “Is my home ready to sell?” What are your plans for the next few years? **Renovations and structural improvements are what really build value—not NFL teams. **
Interest rates are causing the market to slow slightly, but it’s still great for sellers. If you have a strong marketing plan and work with a great team, you can still get a fantastic deal for your home.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!
