Buchanan County, VA housing market

What this means

• Valuation. Prices are 25% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are down 5.8% over the past year (U.S.: +1.2%), 18% below their 2022-23 peak.
• Supply. Listings are 6% below the 2017-19 norm and rising (+83% vs. a year ago), close to pre-pandemic levels.
• Negotiating. Buyer leverage is high (92/100; U.S.: 54): homes sell for about 7.0% below their final list price; 12% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 15% of the median household income (U.S.: 35%); it takes about $21k a year to keep the payment at 30% of gross pay. That includes about $1,030 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $224 a year in natural-disaster damage per $100k of building value (U.S.: $155), mostly from flooding.
• Outlook. No clear direction: likely −10% to +7% over the next 12 months (48% chance of a rise).

Next 12 months

No clear direction

A fall is somewhat more likely than a rise, but not by enough to call. Likely change: −9.8% to +6.6% (80% range; middle estimate −0.3%), chance of a rise 48%, of a 5%+ drop 23%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

ZIP codes in Buchanan County, VA