Amazon picking the Boston area for its second headquarters could seriously jolt the region’s housing market—and not in a good way for prospective buyers.
The median listing price for Boston-area homes is $500,000, up 3 percent from the same time last year, according to real estate listings site Realtor.com. What’s more, homes in the region trade in under 47 days on average, four days faster than this time in 2017.
An Amazon relocation—with its 50,000 eventual employees—would exacerbate these trends (the e-commerce hegemon is supposed to make a decision before 2019). Prices would likely go up as more people compete for an inventory of housing that remains fairly lacking despite a massive development boom.
That is according to an analysis of potential host regions from Realtor.com, which found that the effects on Boston would be more profound than with some other areas in the running. If Amazon selects New York City, for instance, the influx of employees would barely cause a blip in Gotham’s housing market.
The analysis does not get into the other effects that an Amazon HQ might have, including on the T, the Boston region’s already bunged roadways, schools, etc., ad infinitum. What’d you think?
- Boston’s housing-construction effort: Is it already too late? [Curbed Boston]