A new National Association of REALTORS® study found that data centers do not shape housing markets in one uniform way, with outcomes shifting from county to county.
The 2026 Data Center Impact Report pairs national, state and county data with a REALTOR® survey on housing, jobs and utility costs.
Some 92% of U.S. counties have no mapped data centers and only 1% have 10 or more, while Loudoun and Prince William counties account for about 19% of all mapped sites.
Counties with 10 or more data centers had a median home value of $431,750, versus $174,500 where there are none, and values there rose 95% in a decade versus 64%. The report warned that correlation is not causation, noting those counties were affluent technology centers with well-educated residents before the recent building wave.
“There is no single data center effect. Instead, the story varies significantly depending on the local market,” said Lawrence Yun, Chief Economist at the National Association of REALTORS®. “The number of data centers alone does not tell us what will happen to home values, jobs or utility costs.”
Among members, 38% reported a local data center in place or in development. On home values, 25% saw a positive effect and 22% a negative one, and energy costs at 61% and water use at 56% led client worries.