Virginia’s real estate market showcases a distinct concentration of wealth in the northern part of the state, particularly within the Washington, D.C. metropolitan area. An analysis of Zillow’s Home Value Index data, spanning from December 2023 to November 2024, reveals a consistent pattern of high median home values in these ZIP codes, often exceeding $1 million. This trend underscores the influence of proximity to the nation’s capital, coupled with factors like established affluence, highly desirable amenities, and limited housing inventory, which contribute to the escalating property prices. While the overall housing market experiences fluctuations, these exclusive areas maintain their premium status, attracting high-income earners and driving continuous growth in property values.
The most expensive ZIP code in Virginia, 22066, encompassing Great Falls, exemplifies this trend. Bordered by the Potomac River, this area offers a blend of natural beauty and convenient access to the D.C. metro area, albeit with a longer commute. The five-year growth in median home values has been remarkable, approaching 50%, soaring from $1.058 million in 2019 to over $1.571 million in 2024. This substantial appreciation demonstrates the enduring desirability of Great Falls, attracting buyers willing to invest significant capital for its unique blend of location, amenities, and exclusivity. The strong year-over-year growth of 6.5% further solidifies its position at the top of Virginia’s real estate market.
McLean, represented by ZIP code 22101, secures the second position on the list of most expensive areas. This area is synonymous with affluence, with a significant portion of households earning over $200,000 annually. The median household income surpasses the Census Bureau’s upper reporting limit of $250,000, while the average household income reaches an impressive $359,152. This concentration of high-income earners contributes to the elevated home prices, which have seen a nearly 40% increase over the past five years, reaching over $1.536 million in 2024. McLean’s reputation for upscale living, combined with its proximity to D.C., sustains its high property values.
ZIP code 22207, nestled between McLean and Arlington, claims the third spot. Encompassing a diverse range of neighborhoods and communities, including Bellevue Forest, Walker Chapel, and Marymount University, this area has experienced a 30% appreciation in home values over five years, reaching over $1.316 million. The year-over-year growth of 6.6% indicates a robust market, driven by factors like convenient location, established communities, and access to educational institutions. This consistent growth solidifies its position as a highly sought-after area in the northern Virginia real estate landscape.
Dunn Loring, represented by ZIP code 22027, takes the fourth position. Located near the Capital Beltway (I-495), this area also boasts a high median household income exceeding $250,000, with an average household income of $337,083. Home values have experienced a substantial increase of 38.2% over five years, reaching over $1.275 million. The year-over-year growth of 6.3% further emphasizes the strong demand for properties in this area, attributed to its convenient location and affluent demographic.
Waterford, ZIP code 20197, stands out as the fifth most expensive ZIP code, offering a distinct character compared to the others. Situated further from D.C., near the West Virginia border, this area provides a more rural setting with ample space. Notably, it experienced the most significant five-year growth in home values among the top five, at 61.2%, reaching over $1.224 million. Unlike other high-value ZIP codes where mean household incomes significantly surpass median incomes, Waterford shows a smaller gap, suggesting a more balanced income distribution within the community. This suggests that factors beyond just extremely high incomes, such as the appeal of a more rural lifestyle, are contributing to the rapid appreciation of property values in Waterford.
In conclusion, the most expensive ZIP codes in Virginia predominantly cluster around the Washington, D.C. metro area, reflecting the influence of proximity to the capital, high-income demographics, and desirable amenities. While each area possesses unique characteristics, they share a common thread of substantial property value appreciation, driven by consistent demand and a limited supply of high-end homes. This trend underscores the sustained desirability of Northern Virginia as a prime location for affluent individuals and families seeking proximity to the nation’s capital and a high quality of life.
