Amazon is moving into National Landing which will revamp parts of Arlington County and Alexandria. What does the Amazon HQ move mean to you? We’ve been attending talks by the Steven Fuller Institute and visiting the newly named National Landing to get a clear picture of what changes are in store for the housing market in the future.
With 2,400 jobs coming from the new Amazon HQ, our strong Virginia economy is expected to readily absorb the new population, but these incoming residents will be more likely to search outside of National Landing for housing. Currently the Arlington County/Alexandria areas have just a 61% homeownership rate due in large part to our already high residential real estate values. With the average income of the new Amazon employees set to move here being $150,000 per year, chances are the search for homes will happen beyond National Landing.
For those looking to invest now in property, consider neighborhoods such as Potomac Yards and Potomac Greens, with their proliferation of condos and townhomes, as this is a strong renter’s market. As Amazon employees start to look for homes to purchase chances are, they’ll be on the hunt for houses at a maximum of $850,000. These neighborhoods near National Landing will be an ideal place to find such properties.
Of interesting note, we disagree with the anticipated appreciation of home values for the area. According to the Steven Fuller Institute over the next 16-year home values are expected to rise by only 8%. But when you factor in the average inflation of 2.5% alongside the strong economy and the new development of National Landing itself with all the revenue expected to come in from the new Amazon HQ, we believe home values will increase beyond the estimated 8%. Only time will tell, and we’ll be watching.
The economic outlook for Virginia with the National Landing development is a strong one for a variety of reasons. Universities such as Virginia Tech and George Mason are expanding their tech departments which will help attract more high-tech businesses and tech-sector workers to the area.
As National Landing development continues, there’s already a Capital Bike Share, a Metro station nearby and soon there will be a pedestrian bridge connecting this narrow strip of land to Ronald Regan Airport. Good, reliable transportation options are an integra part in the success of any urban developments.
Easy access to resources, shopping and entertainment are also needed for positive growth in new developments, and National Landing will have plenty of options. There’s already a large range of top-quality restaurants, boutique stores and retail shops; and more will be coming to create a lively and thriving new neighborhood; another solid point towards a strong future for our housing market.
Discover more for yourself with our latest video showing the National Landing development first-hand. Get to know the neighborhood with us, Alex Pachedzhiev and Mary Anthony to help guide you. We’re your experienced Realtors® at Keller Williams Beltway Homes. Call (703) 495-3283, or email at firstname.lastname@example.org, to get the conversation started.
Photo credit- 1- https://www.flickr.com/photos/perspective/8695361148