ZIP Code 24590 Housing Market

📝 Local Market Notes

ZIP code 24590 in Albemarle County, Virginia, exhibits a distinct price trajectory characterized by rapid appreciation followed by a brief correction and subsequent acceleration. From 2021 to 2023, the Home Price Index (HPI) rose steadily from 214.91 to 266.34. Although the index dipped to 251.84 in 2024, it surged to 288.51 in 2025. This recent spike results in a year-over-year increase of 14.56%, significantly outpacing the broader regional trends. This performance indicates a strong divergence from both the county and state averages. While Albemarle County’s home values grew by 5.52% and the state of Virginia saw a 3.03% increase, ZIP 24590’s 14.56% gain suggests localized demand pressures or specific inventory constraints that are driving prices higher than the surrounding market. The ZIP’s current HPI of 288.51 is slightly below nearby ZIP 22932 (314.6) and ZIP 22920 (292.9), positioning it as a competitive mid-to-upper-tier sub-market within the county. Contextualizing this with the parent county’s American Community Survey data, which reports a median home value of $495,400 and a median household income of $104,392, the area appears to be an established, owner-occupied community rather than an entry-level or renter-heavy zone. The 65.9% owner occupancy rate further supports this characterization. For prospective buyers, the practical takeaway is that entry costs in 24590 are rising at a pace more than double the state average. Combined with the national 30-year mortgage rate of 7.40%, the high velocity of price growth implies that purchasing power is eroding quickly. Residents should anticipate that the cost of entry into this specific sub-market is accelerating, requiring careful budgeting to align with the current valuation trends observed in the latest FHFA data.

Based on FHFA House Price Index data.