Economic and political uncertainty has put a damper on luxury housing markets in some parts of the country, but demand for luxury homes in Virginia remains strong. The luxury market is small in the Commonwealth, with homes selling for more than $2 million and accounting for less than 1% of total sales in Virginia. However, the luxury market has grown. Between 2018 and 2019, sales of luxury homes, priced above $2 million, increased by more than 14%, while overall sales increased by just 3% statewide.

Where are the luxury home sales in Virginia?

Strong local economies and high land values drive luxury housing markets. In Virginia, 3 of the top 4 luxury home zip codes were in the McLean/Great Falls area of Fairfax County. The 4th is located in North Arlington, adjacent to the Fairfax County McLean/Great Falls area.

In zip code 22101, there were 61 homes that sold in 2019 for more than $2 million. Luxury homes accounted for 14% of all home sales in that zip code. The median sold price for these luxury homes was $2.45 million.

Zip code 20198, The Plains in Fauquier County, is also an important luxury home market. While there were only 6 total $2 million+ home sales, those sales accounted for one out of five sales in that zip code in 2019 and sold for a median price of $3.57 million.

Outside of the Northern Virginia region, Charlottesville and Virginia Beach had sales of homes priced $2 million or more. In the Charlottesville area, zip code 22901 (White Hall) and 22932 (Crozet) had 6 and 5 $2 million+ home sales in 2019. There were 5 luxury home sales in Virginia Beach.  In these communities, the luxury home sales account for 2% of less of total sales.

Source: Virginia REALTORS^®

*Through November 2019

For more information on local housing markets in Virginia, email Lisa Sturtevant.