Whether it’s the state’s diverse economic centers, varying landscape or moderate climate, Virginia attracts an array of homebuyers.
Northern Virginia – including Fairfax County, Arlington County and the city of Alexandria – has long drawn professionals commuting to Washington, D.C. Since the rise of remote work in the wake of the pandemic, the Northern Virginia Association of Realtors reports residents have moved to outlying suburbs in Loudoun, Stafford and Prince William counties.
Meanwhile, Richmond attracts young families and retirees, with professionals working in law, finance or government. And the job market in the Hampton Roads region, which encompasses Virginia Beach and nearby Norfolk and Newport News, offers some niche opportunities in both the civilian and government sectors that make moving to the area attractive for defense contractor positions to hotelier jobs. Virginia Beach also ranked as the third hottest housing market in the country, according to U.S. News & World Report.
The average home value in Virginia is about $385,780, according to Zillow, rising 5.8% over the past year.
The amount you’ll spend on a home in Virginia will hinge on where you move within the state. The median home price in Richmond is $348,593, up 5.2% year over year. That’s similar to the Virginia Beach-Norfolk-Newport News metropolitan statistical area, where the median home price is $345,821, up 6.2% over last year.
Tight inventory and a lock-in effect from homeowners staying put…
