Home Values in Virginia
The median home value in Virginia is $365,000. Northern Virginia (Fairfax, Loudoun, Arlington, Alexandria) carries among the highest median prices on the East Coast. Richmond and Hampton Roads are significantly more affordable. Rural Southwestern Virginia is very low cost.
What Drives Home Values in Virginia?
Several Virginia-specific factors influence home values beyond national trends:
- Property tax burden: At 0.82% (avg. $2,972/year), Virginia's taxes are near the national average
- Assessment methodology: Virginia assesses real property at 100% of fair market value, with reassessments every 2-4 years depending on the locality.
- Buyer exemptions: Virginia provides partial property tax exemptions for qualifying elderly (age 65+) or disabled homeowners with income below $90,000 and net worth below $400,000 (the "Circuit Breaker" program).
- Financing limits: Conforming loan limit is $1,089,300 — Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300.
Closing Cost Consideration
When estimating net proceeds from a home sale, account for closing costs and transfer taxes. Sellers in Virginia typically pay 6-8% of the sale price in total transaction costs. Virginia charges a Grantor's Tax of $0.50/$500 of sale price plus a state recordation tax. Localities may add additional recordation taxes. Northern Virginia and the Northern Virginia Transportation Authority also add levies on real property transactions.
Frequently Asked Questions
What is the average home value in Virginia?
The median home value in Virginia is $365,000. Northern Virginia (Fairfax, Loudoun, Arlington, Alexandria) carries among the highest median prices on the East Coast. Richmond and Hampton Roads are significantly more affordable. Rural Southwestern Virginia is very low cost.
How do property taxes affect home values in Virginia?
Virginia's effective property tax rate is 0.82%, with an average annual bill of $2,972. This near-average tax burden has a neutral impact on Virginia home values.
What is the conforming loan limit in Virginia?
The conforming loan limit in Virginia is $1,089,300. Northern Virginia counties — Arlington, Fairfax, Loudoun — and the City of Alexandria qualify for high-cost conforming limits of $1,089,300. Buyers needing loans above this require jumbo financing.
How much are closing costs when selling a home in Virginia?
Sellers typically pay 6-8% of sale price in total transaction costs. Virginia charges a Grantor's Tax of $0.50/$500 of sale price plus a state recordation tax. Localities may add additional recordation taxes. Northern Virginia and the Northern Virginia Transportation Authority also add levies on real property transactions. Buyers pay an additional $3,900 in closing costs.