Tuesday, July 9, 2019

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.
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