The Fairfax County Housing Market: Amazon’s New Playground

  • Author: Devin Henry
  • Last Updated: January 25, 2024
Table of Contents

On November 13th Jeff Bezos announced Amazon’s HQ2 is coming to the National Landing. The location choice: Northern Virginia.

growth of fairfax area with amazon

But why Northern Virginia? And, how will this impact the Fairfax County housing market and home values in surrounding counties in 2019 and beyond?

Growth in Business and Economy in Northern, VA 

You can thank Virginia’s favorable tax and regulatory policies for the massive tech-job influx which is about to hit the Northern, VA and greater Washington DC area. 

According to HQnova.com, 2 out of 3 fortune 500 companies are already in Northern VA, and now Amazon and Apple are hopping on the train and planting roots. 

amazon future building in Arlington Va
Source: www.dmagazine.com

There are already 8,500 Amazon employees in the area, and Amazon plans for 25,000 new employees to follow within the next decade. 

Between Amazon, Apple, and Google, there are projected to be 50,000 new high-paying jobs opening up in Northern, VA within the next few years. With more top talent flocking to the area, this means massive changes in the Northern Virginia housing market.

Luckily Virginia’s mortgage rates are still historically low at the rate of 5%, but they are definitely on the rise, and now is a great time to buy. 

What’s even more exciting is that by 2030, Amazon’s impact on Northern Virginia and surrounding areas is an estimated 15 billion in new economic activity. This surge in economic output is bound to ripple across the Fairfax County housing market. 

Inside the Fairfax County Housing Market

Current market trends on RedFin suggest that houses in Fairfax are selling like hotcakes. A home that goes up for sale in the county typically goes pending in an average of 5 days and sells for 2% higher than the list price. Those are impressive figures. The injection of a higher volume of workers to the area is expected to prop up home values for the indefinite future. 

Shelly Hagan with Bloomberg.com states that “Among more than 1,000 counties analyzed, Arlington County, neighboring Alexandria City and Fairfax County are ranked among the seven tightest markets in the country.”

Just to give you an example of how fast homes are selling we’ll take a look at the neighboring city- Alexandria.

american house

Two units in Bella Vista condo were sitting on the market for weeks in Alexandria and within 48 hours of Amazon’s announcement investors snatched them up.

Amazon’s announcement was in September last year, and there were 423 houses listed for sale in October at the time, by November there were 243 listings. 

The sale price per square feet in Fairfax is about $314, which is higher than the Washington-Arlington-Alexandria metro area average. Zillow estimates the median cost of a home in Fairfax County to be $599,000. The value of a home in Fairfax has gone up by 2.7% since last year, and numbers are only expected to climb.

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Buying a Home in Fairfax

Now is the time to buy a home in Fairfax. As we discussed above, the growing investment from big business and government agencies will continue to fuel an already healthy housing economy. 

Buying a home in the Northern Virginia area is a substantial investment in the future, which lies in the palms of technology. 

Think about it, you get:

Investment with high potential for growth- check.

Family Carrying Big Box Purchase Into House

A bustling city with a growing economy- check.

Tons of job opportunities- check.

A million things to do in the greatest city in America (aka the Nation’s Capital)- check.

So if you are looking to move to Fairfax and surrounding areas the best time is today. Mortgage rates and home values are only projected to rise in the upcoming forecast. Finding your dream home is just a quick phone call away when you contact Nomadic Real Estate. 

Plant your roots in the tech-hub of the future and flourish.

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Enhanced Reporting

Your portal includes a selection of extremely useful reports. Reports are available in the “Reports” section, and are distinct from the financial statements. Unlike financial statements which are static records, Reports are dynamic real-time records that will update with current data every time you view them. 

Scroll down to learn more about Reports:

Navigate to the "Reports" module in your portal:

Owner Portal Reports
  • Keep in mind, these reports are dynamic records. They will refresh to display current information every time you view them. 

Enhanced Rent Roll Report:

Enhanced Rent Roll Report
  • The Enhanced Rent Roll Report will show the rent amount, last payment date, move-in date, lease expiration date, and security deposit amount for each of your tenants. 
  • It will also show a portfolio summary with occupancy percentage, vacancy loss, and more!

Unit Comparison Report:

Unit Comparison Report
  • If you own multiple units (or buildings) with Nomadic, you’ll get access to the Unit Comparison Report. 
  • This report enables you to quickly compare financial performance between your units at a glance without toggling between individual reports. 

Income Statement Month-Over-Month:

Income Statement by Month Report
  • The Income Statement Detail – Monthly Report serves as a month-over-month record of portfolio performance. You’ll see itemized income and expense categories and can track monthly. This report will update with fresh data every time you view it. 

Financial Statements

Financial statements will be published to your portal on a monthly basis. The statements are found in your Documents library, and provide a historical record of all financial performance. The statements serve as a snapshot of financial performance over a given period, and are static documents (unlike Reports, the statements do not update/change in real-time). 

Scroll down for more info about the Financial Statements in your Documents library:

The Documents area contains monthly financial statements:

Owner Portal Documents
  • The statements in the Documents are are static documents. They are posted to the portal once a month to serve as a historical record of financial performance. 

Download a statement to see month and YTD financials:

Owner Portal Property Statement

You'll also find a month-over-month operating statement:

Month over Month Statement

Portal Communication Tool

You can use your owner portal to communicate with our team. Any messages you send through the portal will go straight to your Account Manager. When we reply, you’ll get an email notification and you’ll also see the message in your portal next time you log in. 

Here’s an overview of using the communication platform:

Click "Communications" and navigate to "Conversations":

Commincation Dashboard Screenshot
  • The communications module will contain a record of all messages that you create through the portal. 

Click the "New Message" button and send your message:

Owner Portal New Message Screenshot

Responses will show up in the conversation ticket:

Portal Conversation Response Screenshot
  • You’ll get an email notification whenever you get a response, and you’ll also see the message in your portal next time you log in. 

You can reply in-line using the comment box:

Owner Portal Comment

Each conversation will be logged in its entirety:

Portal Conversation Snapshot

Understanding the Ledger

Your portal includes a ledger with all transactions. The ledger is populated with data in real-time as transactions flow through our accounting software. Much of this information is also available in the Reports area, as well as the Statements in your Documents library, but the ledger is the most comprehensive resource for diving into the details. 

Please scroll through the sections below to get a better understanding of how to interpret the ledger. 

By default, transactions are sorted chronologically:

Owner Ledger Dates
  • The date reflected in the lefthand column is the actual transaction date, not the “bill date”. This is the date the transaction was actually processed. 

If you have multiple properties with Nomadic, you'll see the address for each transaction in the "Location" column:

Ledger Property Column
  • You can filter the ledger to look at just one property, all properties, or specific sets of properties. 
  • If you only have one property with us, you’ll just see the ledger for that property. 

The Description column displays the transaction type:

Owner Ledger Description Column
  • BILL: this is an expense transaction, such as for repair costs or management fees.
  • CHARGE: this is a transaction  billed to the tenant, most typically a rent payment. 
  • NACHA EXPORT: this is a credit we processed to your distribution account. This type of transaction is how you get paid! 

The Amount column shows the dollar value of each transaction:

Owner Ledger Amount Column
  • Positive Amounts: if an amount is positive, it reflects a transaction that is payable to you. Typically, this will be a rent payment that we collected from your tenants. On occasion, a positive number could also signify a journal entry or credit adjustment. 
  • Negative Amounts:  if an amount is negative, this is a transaction that is either payable to Nomadic or is an amount that has already been paid to you. Typically this will be for repair costs or management/leasing fees. Owner draws (net distributions into your checking/savings account) also reflect as negative amounts, since they have already been paid to you. 

The Account Balance column shows a sum of positive/negative transactions at a given point in time:

Owner Ledger Account Balance Column
  • Account Balance should always equal zero after a net distribution has been processed. When the balance is zero, this means that all expenses have been paid and you’ve received the remainder as net operating income, leaving a balance of zero (meaning: no one is due any money, as all funds have been distributed appropriately). 

Navigating the Propertyware Owner Portal

Your portal includes some extremely useful features that help you understand your property’s financial performance at a new level, with real-time transparency into every transaction.

Scroll through the snapshots below for an overview of portal navigation! If you need more help or have specific questions about using the portal, you can reach out to your Account Manager any time for a screen share. 

You can filter all info by date range or property:

PW Portal Filters

View a snapshot of income and expenses on your dashboard:

PW Owner Dashboard View

See every transaction in real-time on your ledger:

Owner Portal Ledger View

Statements and forms will be posted to your documents library:

Owner Portal Document Library

View a suite of real-time financial reports:

Portal Reports View

See a running list of all bills, and drill down for more detail:

Owner Portal Bills View

Under Bill Details, you'll find dates/descriptions/amounts and more:

Portal Bill Details

You can also communicate with your Account Manager through the portal:

Owner Portal Communication Tools

How do net distributions work?

Net distributions keep your accounting clean and simple. Each month we’ll collect rent from the tenants, deduct any repair expenses for the previous month and any management/leasing fees for the current month, and credit the remaining net operating income to your account. 

Net Distribution

You’ll receive a statement via email each time a net distribution is processed, and can view all transaction details in your Propertyware owner portal.