Will Amazon affect your Lakeridge home’s value? Today I’ll discuss what you need to know.
The subject of Amazon’s impact on home values is one I’ve talked about for the better part of 18 months. Everyone has their own views, but I believe that the data will truly show us what’s going on.
The stats from May are officially out, so we can take a look at the numbers from the market to see how the news about Amazon’s headquarters impacted real estate. The news broke about three months ago, meaning any impact should be reflected in the numbers; remember that real estate does react to news.
Throughout the month of May 2019 in Prince William County, we saw some good growth. The average sold price rose year over year by almost 4% up to $417, 796, which is great! That’s almost $8,000 in equity gained.
Similarly, the number of units sold rose as well, increasing by 10% year over year from 768 in May 2018 to 845 in May 2019. This was also pushed by a lot of new developments in the area.
The number of active listings did drop in the year between May 2018 and May 2019—overall, there was a 16.8% drop. Sellers need to realize that we’re in the last part of a hyper seller’s market; we’re steadily shifting towards a more balanced market. So, if you’re thinking about selling your home, this is the atmosphere in which you should make your move, especially if you want to get all the money you can from the sale.
Now, the Greater Lakeridge Area hasn’t seen the growth that the larger Prince William County area has seen. We often talk about real estate being a hyperlocal market, meaning that even within a single county, different areas can experience different trends. The average sold price in Lakeridge increased by less than 1% in the last year, and the number of units sold dropped by almost 20%. The number of active listings in Lakeridge, on the other hand, jumped from 130 in May 2018 to 140 in May 2019, which is a 7.69% increase.
To understand how, if at all, Amazon’s headquarters will affect the local market, let’s take a look at the stats from Arlington County:
• The average sold price went from $666,802 last year to $713,223 this year—a 6.96% increase.
• The number of active listings fell from 524 to just 268—a 48.85% drop.
So when people ask me how Amazon’s news has impacted Lakeridge, I’ll tell them that it hasn’t, and the numbers have already proven it.
However, Amazon will affect the area directly around the new headquarters site, which is the Crystal City corridor that encompasses Arlington and Alexandria. So if you’re waiting for Amazon to change your Lakeridge home’s value, don’t hold your breath.
If you’d like to dive a little deeper into the numbers, or if you have any questions, don’t hesitate to reach out to me. Remember: You have the dream—we have the address.
