Central Ohio home prices will "skyrocket" if Amazon picks Columbus for its second headquarters, according to a report released Monday by Realtor.com.
The real estate listing service attempted to analyze the impact of Amazon's decision on the housing markets in 19 of the 20 finalists for Amazon's HQ2. (Toronto, the sole Canadian city on the list, was not included.)
Looking at housing in central Ohio, Realtor.com economists concluded that Amazon's announcement "would further strain this already-competitive market, resulting in skyrocketing home prices and further inventory declines."
Amazon has said it will choose a city this year for its second headquarters, which could eventually employ 50,000. The company has offered few clues about its decision.
The housing market in the list's larger cities such as Los Angeles, Atlanta, Dallas and New York would be affected less than that in smaller cities, Realtor.com said.
"Columbus ranks as the second-least-expensive housing market on the HQ2 list, with a median listing price of $250,000," according to the report. "Its small size and relatively low home prices make it more vulnerable to the influx of demand that will be created by HQ2."
A study released a few weeks ago by HotPads concluded that the number of apartments being built in Columbus would have to double if it is selected for HQ2.
Although the Realtor.com study did not provide specific forecasts or data, it said that Raleigh, North Carolina, would see the biggest impact on home prices among Amazon's finalists.
In its study, Realtor.com pointed out that in the five years since Apple opened its headquarters in Cupertino, California, home prices within a mile of it have jumped 24%.
