It is not often that home prices shoot up in the middle of the summer, but with Amazon’s impending arrival, nothing is “normal” in the Northern Virginia housing market.

The latest report from Bright MLS reveals that both sales and listing prices skyrocketed in July in the zip code that will be home to National Landing. Median home list and sales prices both shot up to just under $1 million in 22202, an increase of 28 percent and 25 percent, respectively.

The dramatic increase in prices is having a deleterious effect on sales. Home sales are down 31 percent in the zip code compared to last July and are down 37 percent for the year. Like the rest of the region, this could have as much to do with low inventory as it does with rising prices. As the chart above reveals, the supply of homes for sale has been below one month since October 2018.

SOURCE: UrbanTurf