Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Virginia cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Virginia is worth $339,800. But across the 44 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from about $100,000 to over $1.2 million.
In any local market, home prices are often a reflection of what residents can afford. In Virginia, many of the least expensive cities for homebuyers are not high-income areas. Of the 44 Virginia cities with available data from the ACS, 17 have a median home value that is less than the statewide median. In all but three of these places, the typical household earns less than the statewide median household income of $87,249. Similarly, most of Virginia’s more expensive housing markets have higher earning populations.
These are the cheapest and most expensive housing markets in Virginia.
44. Danville
Source: Miguel Gereda / Wikimedia Commons
- Median home value: $102,000
- Homes worth over $1 million: 0.4%
- Homeownership rate: 49.5%
- Median household income: $41,484
- Total population: 42,507
43. Petersburg
Source: kenlund / Flickr
- Median home value: $147,200
- Homes worth over $1 million: 0.3%
- Homeownership rate: 37.4%
- Median household income: $46,930
- Total population: 33,261
42. Roanoke
Source: Peeter Viisimaa / iStock Unreleased via Getty Images
- Median home value: $162,000
- Homes worth over $1 million: 0.9%
- Homeownership rate: 52.1%
- Median household income: $51,523
- Total population: 99,213
41. Lynchburg
Source: Sean Pavone / iStock via Getty Images
- Median home value: $196,000
- Homes worth over $1 million: 0.5%
- Homeownership rate: 48.7%
- Median household income: $56,243
- Total population: 79,166
40. Portsmouth
Source: Davel5957 / iStock via Getty Images
- Median home value: $213,300
- Homes worth over $1 million: 0.6%
- Homeownership rate: 56.1%
- Median household income: $57,154
- Total population: 97,384
39. Staunton
Source: Jon Bilous / iStock via Getty Images
- Median home value: $219,500
- Homes worth over $1 million: 2.3%
- Homeownership rate: 59.5%
- Median household income: $59,731
- Total population: 25,581
38. Hampton
Source: William Grimes at English Wikipedia, Public domain, via Wikimedia Commons
- Median home value: $219,800
- Homes worth over $1 million: 0.7%
- Homeownership rate: 55.6%
- Median household income: $64,430
- Total population: 137,217
37. Salem
Source: Alex Potemkin / iStock via Getty Images
- Median home value: $231,900
- Homes worth over $1 million: 1.6%
- Homeownership rate: 64.0%
- Median household income: $68,402
- Total population: 25,372
36. Newport News
Source: DenisTangneyJr / E+ via Getty Images
- Median home value: $233,400
- Homes worth over $1 million: 0.6%
- Homeownership rate: 47.6%
- Median household income: $63,355
- Total population: 185,118
35. Norfolk
Source: bfg1118 / iStock via Getty Images
- Median home value: $254,200
- Homes worth over $1 million: 2.0%
- Homeownership rate: 44.8%
- Median household income: $60,998
- Total population: 236,973
34. Harrisonburg
Source: andrewbain / Flickr
- Median home value: $263,700
- Homes worth over $1 million: 0.2%
- Homeownership rate: 38.1%
- Median household income: $56,050
- Total population: 51,784
33. Cave Spring
Source: Feverpitched / iStock via Getty Images
- Median home value: $274,300
- Homes worth over $1 million: 2.0%
- Homeownership rate: 67.9%
- Median household income: $83,538
- Total population: 26,013
32. Mechanicsville
Source: Feverpitched / iStock via Getty Images
- Median home value: $298,700
- Homes worth over $1 million: 0.1%
- Homeownership rate: 77.8%
- Median household income: $91,393
- Total population: 38,328
31. Winchester
Source: BackyardProduction / iStock Editorial via Getty Images
- Median home value: $299,900
- Homes worth over $1 million: 0.8%
- Homeownership rate: 43.9%
- Median household income: $62,495
- Total population: 28,103
30. Richmond
Source: dougtone / Flickr
- Median home value: $308,300
- Homes worth over $1 million: 5.0%
- Homeownership rate: 43.2%
- Median household income: $59,606
- Total population: 227,171
29. Suffolk
Source: Kirkikis / iStock Editorial via Getty Images
- Median home value: $314,400
- Homes worth over $1 million: 1.5%
- Homeownership rate: 70.4%
- Median household income: $87,758
- Total population: 94,856
28. Chesapeake
Source: kenlund / Flickr
- Median home value: $339,500
- Homes worth over $1 million: 0.8%
- Homeownership rate: 73.3%
- Median household income: $92,703
- Total population: 249,377
27. Virginia Beach
Source: drone-and-quadcopter / Flickr
- Median home value: $343,700
- Homes worth over $1 million: 3.7%
- Homeownership rate: 64.6%
- Median household income: $87,544
- Total population: 457,900
26. Woodbridge
Source: Norm Lane / iStock via Getty Images
- Median home value: $365,800
- Homes worth over $1 million: 2.1%
- Homeownership rate: 60.0%
- Median household income: $93,347
- Total population: 42,619
25. Dale City
- Median home value: $377,700
- Homes worth over $1 million: 0.6%
- Homeownership rate: 78.3%
- Median household income: $109,558
- Total population: 73,928
24. Blacksburg
Source: schuminweb / Flickr
- Median home value: $387,700
- Homes worth over $1 million: 0.4%
- Homeownership rate: 33.2%
- Median household income: $42,012
- Total population: 45,147
23. Manassas
Source: dougtone / Flickr
- Median home value: $393,900
- Homes worth over $1 million: 2.1%
- Homeownership rate: 74.0%
- Median household income: $110,559
- Total population: 42,620
22. Tuckahoe
Source: Stockbyte / Stockbyte via Getty Images
- Median home value: $396,300
- Homes worth over $1 million: 7.6%
- Homeownership rate: 63.1%
- Median household income: $89,920
- Total population: 48,049
21. Charlottesville
Source: halbergman / E+ via Getty Images
- Median home value: $398,400
- Homes worth over $1 million: 4.9%
- Homeownership rate: 42.3%
- Median household income: $67,177
- Total population: 46,289
20. Lake Ridge
Source: Ser Amantio di Nicolao / Wikimedia Commons
- Median home value: $414,900
- Homes worth over $1 million: 1.5%
- Homeownership rate: 75.2%
- Median household income: $116,917
- Total population: 44,720
19. Fredericksburg
Source: krblokhin / iStock Editorial via Getty Images
- Median home value: $438,400
- Homes worth over $1 million: 3.9%
- Homeownership rate: 38.5%
- Median household income: $83,445
- Total population: 28,258
18. Sterling
Source: Matthew Van Dyke / iStock via Getty Images
- Median home value: $458,400
- Homes worth over $1 million: 1.4%
- Homeownership rate: 74.2%
- Median household income: $117,699
- Total population: 31,058
17. Short Pump
Source: Michael Vi / iStock via Getty Images
- Median home value: $514,900
- Homes worth over $1 million: 0.6%
- Homeownership rate: 58.7%
- Median household income: $130,899
- Total population: 28,400
16. Centreville
Source: 2021 Getty Images / Getty Images News via Getty Images
- Median home value: $530,100
- Homes worth over $1 million: 2.7%
- Homeownership rate: 73.6%
- Median household income: $136,679
- Total population: 72,680
15. Fair Oaks
Source: ablokhin / iStock Editorial via Getty Images
- Median home value: $552,600
- Homes worth over $1 million: 5.7%
- Homeownership rate: 44.4%
- Median household income: $118,819
- Total population: 35,130
14. Linton Hall
_at_Prospect_Hill_Road_in_Glenn_Dale,_Prince_Georges_County,_Maryland.jpg#/media/File:2016-09-13_12_31_43_View_south_along_Maryland_State_Route_953_(Glenn_Dale_Road)_at_Prospect_Hill_Road_in_Glenn_Dale,_Prince_Georges_County,_Maryland.jpg "2016-09-13 12 31 43 View south along Maryland State Route 953 (Glenn Dale Road) at Prospect Hill Road in Glenn Dale, Prince Georges County, Maryland by Famartin")
- Median home value: $559,700
- Homes worth over $1 million: 0.6%
- Homeownership rate: 89.2%
- Median household income: $163,993
- Total population: 42,702
13. Leesburg
Source: M. Kaercher / iStock Editorial via Getty Images
- Median home value: $572,500
- Homes worth over $1 million: 3.0%
- Homeownership rate: 68.1%
- Median household income: $132,298
- Total population: 48,465
12. Reston
Source: YinYang / iStock Unreleased via Getty Images
- Median home value: $591,900
- Homes worth over $1 million: 8.0%
- Homeownership rate: 61.5%
- Median household income: $135,503
- Total population: 62,339
11. Springfield
Source: 2021 Getty Images / Getty Images News via Getty Images
- Median home value: $594,300
- Homes worth over $1 million: 3.7%
- Homeownership rate: 66.1%
- Median household income: $117,598
- Total population: 31,022
10. Annandale
- Median home value: $615,800
- Homes worth over $1 million: 7.3%
- Homeownership rate: 64.8%
- Median household income: $109,221
- Total population: 42,330
9. Ashburn
Source: Feverpitched / iStock via Getty Images
- Median home value: $618,000
- Homes worth over $1 million: 4.0%
- Homeownership rate: 69.1%
- Median household income: $147,192
- Total population: 45,479
8. Tysons
- Median home value: $620,800
- Homes worth over $1 million: 18.1%
- Homeownership rate: 35.8%
- Median household income: $129,468
- Total population: 27,617
7. West Falls Church
Source: SondraP / iStock via Getty Images
- Median home value: $635,200
- Homes worth over $1 million: 5.0%
- Homeownership rate: 65.5%
- Median household income: $126,737
- Total population: 31,121
6. Burke
Source: krblokhin / iStock Editorial via Getty Images
- Median home value: $647,800
- Homes worth over $1 million: 4.2%
- Homeownership rate: 88.3%
- Median household income: $172,432
- Total population: 44,228
5. South Riding
Source: Famartin / Wikimedia Commons
- Median home value: $652,000
- Homes worth over $1 million: 7.0%
- Homeownership rate: 83.6%
- Median household income: $183,056
- Total population: 33,358
4. Alexandria
Source: davidwilson1949 / Flickr
- Median home value: $655,700
- Homes worth over $1 million: 22.5%
- Homeownership rate: 42.7%
- Median household income: $113,179
- Total population: 157,594
3. Oakton
- Median home value: $763,000
- Homes worth over $1 million: 24.5%
- Homeownership rate: 67.4%
- Median household income: $158,343
- Total population: 36,529
2. Arlington
Source: SeanPavonePhoto / iStock via Getty Images
- Median home value: $833,300
- Homes worth over $1 million: 34.4%
- Homeownership rate: 42.2%
- Median household income: $137,387
- Total population: 235,845
1. McLean
Source: Geoffrey Thiel / iStock via Getty Images
- Median home value: $1,257,900
- Homes worth over $1 million: 73.9%
- Homeownership rate: 87.6%
- Median household income: $250,001
- Total population: 49,587
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