ZIP Code 22728 Housing Market

📝 Local Market Notes

The housing market in ZIP 22728, located within Fauquier County, Virginia, exhibits a robust upward price trajectory over the past five years. The FHFA House Price Index (HPI) for this ZIP code has surged from 240.33 in 2021 to 327.77 in 2025, representing a cumulative increase of approximately 36.4%. This sustained growth indicates consistent demand and value appreciation, with the most recent year alone showing a significant 10.42% year-over-year rise. Such momentum suggests that the local inventory remains tight relative to buyer interest, driving prices well above historical baselines. When compared to broader regional metrics, ZIP 22728 demonstrates notable divergence from both its parent county and the state of Virginia. While the Fauquier County average year-over-year change stands at 6.58% and the state average is 3.03%, the 10.42% increase in ZIP 22728 signals a premium sub-market outperforming regional trends. This outperformance suggests specific localized drivers, such as limited land availability or high desirability of specific amenities, that distinguish this area from the surrounding county. The HPI level of 327.8, which is 327.8% of the 2000 baseline, further confirms that this area commands a significant price premium compared to the national average. The sub-market character of ZIP 22728 aligns with an upper-middle to luxury segment. The parent county’s median household income of $130,189 and median home value of $573,700 provide a baseline, but the ZIP’s HPI performance suggests that actual transaction prices likely exceed the county median. With an owner-occupancy rate of 78.8% in the county, the market is predominantly owned rather than renter-heavy, though the median gross rent of $1,613 per month remains high. For prospective buyers, the practical takeaway is that entering this market requires substantial capital, particularly given the current 30-year mortgage rate of 7.40%. The rapid appreciation rate implies that waiting may result in significantly higher entry costs, making immediate financial readiness essential for those targeting this specific ZIP code.

Based on FHFA House Price Index data.