Patriotic Townhouses In Richmond, Virginia. Several suburbs of Richmond have experienced huge growth … [+]
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Housing markets across the United States have had to weather one of the most unpredictable events in recent history (the Covid-19 pandemic, of course). While many housing markets saw prices dip in 2020 as the pandemic’s impact took hold, many have also seen remarkable recoveries in their prices and buying activity in 2021. The median home price in America right now, according to Redfin
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, is $376,000, which is the median sale price for all homes as of September 2021. Based on Redfin’s sale price data, we determined which housing markets in the U.S. have experienced the biggest increases in sale prices from 2019 to 2021. For this report, the focus is on Virginia. Here’s a look at the 10 Virginia housing markets that have experienced the greatest growth in home prices over the last two years.
Meadowbrook
Meadowbrook is a Census-designated place located near Norfolk. From a median sale price of only $180,000 in September 2019, home prices in Meadowbrook grew by almost 56% over the last two years. As of September 2021, the median sale price in Meadowbrook is $280,000.
Highland Springs
Highland Springs is a suburb of Richmond, just east of the state capital. Home prices in Highland Springs were particularly cheap two years, when the median sale price was approximately $150,000 in September 2021. However, two years later, the median sale price in Highland Springs has grown by 50.7%, reaching $226,000 in September 2021.
Hopewell
South of Richmond, but still in the Tri-City area, Hopewell has seen home prices rise significantly in recent years. From a median sale price of only $125,000 in September 2019, Hopewell home prices have increased by almost 50%, with the current median sale price being $187,000, as of September 2021.
Colonial Heights
This housing market is also south of Richmond, next door to Virginia State University. Home prices have risen markedly in Colonial Heights, a full 42.6% from September 2019 — when the median sale price was $155,000 — to September 2021 — where it stands at $221,000. Inventory has been steadily declining over the years, bottoming out at only 14 homes available for sale in January 2021. Since then more homes have come online, so Colonial Heights is avoiding potentially more serious inventory issues.
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East Highland Park
Just northwest of Richmond, East Highland Park has seen home prices rise substantially over the last two years. Back in September 2019, the median sale price in East Highland Park was $138,000. Two years later, that figure had grown by 41.3%, to a median price of $195,000 in September 2021. Perhaps more remarkable is the fact that home prices grew even more from September 2019 to September 2020, when the median sale price reached $225,000.
Hybla Valley
South of Alexandria, Hybla Valley has witnessed home prices enter on sustain growth, from at last 2017. Back in September 2019, the median sale price in Hybla Valley was $400,000. This grew by 41.3% over the last two years, reaching $565,000 by September 2021. While that growth is impressive, the median sale price in Hybla Valley actually peaked early this year, at $723,000 in April 2021.
Fair Oaks
West of the city of Fairfax, Fair Oaks home prices have been a ride over the last two years. From September 2019, the median sale price grew by 41.2%, from $340,000, to $480,000 as of September 2021. However, home prices actually peaked last year, when the median sale price in Fair Oaks reached $585,000 in September 2020.
Laurel
Northwest of Richmond, Laurel has seen housing activity pick up a lot over the last two years. Back in September 2019, the median sale price was $250,000, while the median number of days a home spent on the market was 22 days. Now, the median number of days on market is only 8 days, while the median sale price rose by 40%, reaching $350,000 in September 2021.
Montclair
This affluent community lies to the southwest of the Washington, D.C. area. In Montclair, home prices have surged over the last two years. From a median sale price of $377,000, home prices rose by 39.3%, to reach $525,000 in September 2021. Prices actually peaked in summer 2021, with increases in available inventory enabling home prices to ease a bit.
Oakton
Located in Fairfax County, west of Arlington, Oakton home prices went from above average to rather expensive. In September 2019, the median sale price in Oakton was $511,000, before rising by 37.4% to reach $702,000 by September 2021. Not only that, in the span of only one year, the median sale price grew even more, from $511,000 in September 2019 to $753,000 in September 2020, before it eased by 6.8% to its current median.