Since Amazon pulled out of NYC, Manhattan's median sales price dropped 15%. North Virginia, on the other hand...
A year ago, Amazon AMZN, -0.86% announced its plans to build a pair of new headquarters as part of its so-called “HQ2” project: One in New York City, and another in Virginia. But months after this announcement, Amazon decided not to move forward with its headquarters in the Big Apple, leaving the region surrounding Arlington, Va., as the sole home to HQ2.
Researchers pointed to Amazon’s original home of Seattle as a cautionary tale: Home prices there had risen nearly 73% over the last five years when the tech company announced its HQ2 plans. Prices haven’t just risen in the wake of the announcement — there’s also been major shortage of housing across Northern Virginia as people looking to cash in on Amazon’s arrival purchased homes, the report suggested. Across the 14 counties in Northern Virginia, the number of homes actively for sale has fallen 26% over the past year.
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