Top Five Fastest-Growing Virginia Real Estate Markets

Residents of Virginia probably think of the whole state as amazing, but as far as real estate sales go, certain towns and cities prove more popular. These towns and cities have four things in common – lower crime rates, strong schools, plentiful job opportunities, and community amenities. Beginning in 2023, the following five Virginia real estate markets took off, bringing in the fastest-growing median sales prices in the state, according to Redfin.

Five Hottest Selling Virginia Real Estate Markets

1. Christiansburg: This small town with a population of 23,000 people continues to grow, and home buyers willingly pay more to live there. The median home sale price increased 34.5% from spring 2022 to 2023. Just 30 minutes outside of Roanoke, the median home price of $345,000 offers a bargain since it’s $55,000 less than the U.S. average home price.

2. Blacksburg: The home of Virginia Tech, this college town offers a thriving job market. Home buyers often snap up homes for sale in less than a week on the market. Prices increased by 17.6% from 2022 to 2023.

3. West Springfield: Located on the western border of the Washington, D.C. metropolitan area, this small town offers hiking trails and public parks, plus superb schools. Prices increased for its homes by 14.2% from 2022 to 2023. Like Blacksburg, its homes frequently sell in less than a week on the market – even with a median home price of $630,000.

4. Lake of the Woods: From 2022 to 2023, the median home sale price increased 11.7% in this large subdivision that the government deems a “census-designated place” in the town of Locust Grove. Originally built as a resort community, two lakes serve the community – Main Lake and Keaton’s Lake. It also offers an equestrian center, golf, tennis and pickleball courts, swimming pools, and a fitness center. Homes here sell in about one month with a sales price of 0.6% less than the asking price.

5. Lake Monticello: A private, gated community of 10,000 residents similar to Lake of the Woods, it carries the name of its lake. Its median home price increased by 11.5% from 2022 to 2023. Unlike most of the other towns on this list, Lake Monticello attracts more retirees than young families.

Finding a Knowledgeable Local Agent

When you need to buy or sell a Virginia home, contact an experienced local real estate agent, says realtor Claudette Schwartz. Choosing a local real estate agent with experience in the type of home you want can help you find the right house faster.