Bright MLS Research Unveils Comprehensive Study on Amazon HQ2 Impact on Local Housing Market

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Nov 13, 2023, 10:00 ET

NORTH BETHESDA, Md., Nov. 13, 2023 /PRNewswire/ -- Just ahead of the 5^th anniversary of the announcement, the Bright MLS Research department has issued a comprehensive report assessing the impact of Amazon's second national headquarters, HQ2, on the local housing market.

Five years ago, the world watched as Amazon selected Arlington County as the home for its groundbreaking HQ2. Speculation abounded about the potential influence of the tech giant, poised to bring 25,000 highly paid workers to the area.

Contrary to initial concerns that the development would have a major impact on housing affordability in the area, the report reveals that the impact on home prices post-HQ2 announcement was short-lived. External factors such as the COVID-19 pandemic, coupled with intrinsic supply and demand dynamics, have been the primary drivers of the very competitive regional housing market.

As of now, 8,000 of the initially projected 25,000 employees have been hired at HQ2. Amazon's announcement of an indefinite hold on Phase 2 of the project adds a layer of complexity to the unfolding narrative. However, the pullback in new hires at HQ2 will not dampen the housing market which is driven by robust demand and constrained supply in the area.

In the report, Bright MLS Chief Economist Dr. Lisa Sturtevant notes, "While the announcement prompted both elation and anxiety, the effect on the housing market was short-lived as the COVID-19 pandemic and the resulting government and business responses to the pandemic have had a much bigger impact on the housing market."

The full report, including comprehensive analysis, is available at BrightMLS.com/AmazonHQ2.

About Bright MLS
Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation's most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District of Columbia. Bright MLS's innovative tool library—both created and curated—provides services and award-winning support to well over 100K real estate professionals, enabling their delivery on the promise of home to over half a million home buyers and sellers monthly. Learn more at BrightMLS.com.

SOURCE Bright MLS