Data Centers Bring Mixed Effects to U.S. Housing Markets

A National Association of Realtors study finds that data centers have no uniform effect on nearby housing markets, with outcomes varying by local economic conditions, infrastructure and existing housing demand. Counties with 10 or more data centers saw substantially greater home-value growth and higher median prices than counties without them, but researchers cautioned that these areas were often established technology hubs with higher incomes and stronger job markets before the data-center boom. More than 90% of U.S. counties have no mapped data centers, while major clusters are concentrated in places including Northern Virginia, Silicon Valley, Phoenix, central Ohio and central Washington. Realtors reported mixed experiences, with roughly a quarter seeing positive effects on nearby home values and 22% seeing negative effects, while many clients remain concerned about electricity costs, water use and strain on local infrastructure. The study found clearer benefits for commercial real estate and economic activity in some markets, but offered no evidence that data centers alone drive higher residential property values or consistently harm them.