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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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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