ZIP Code 22624 Housing Market

📝 Local Market Notes

The housing market in ZIP code 22624, located within Frederick County, Virginia, exhibits a volatile yet robust price trajectory over the past five years. The Home Price Index (HPI) for this ZIP code has fluctuated significantly, rising from 209.63 in 2021 to a peak of 275.01 in 2023. Although the index dipped to 238.9 in 2024, it recovered sharply to 293.48 in 2025. This pattern indicates a sub-market that is highly responsive to broader economic shifts, experiencing pronounced peaks and corrections rather than steady, linear growth. The current HPI level suggests that home values have nearly tripled since the 2000 baseline, reflecting substantial long-term appreciation. ZIP 22624 demonstrates significant positive divergence from both its parent county and the state of Virginia. The ZIP code’s year-over-year growth of +22.85% vastly outpaces the county’s +4.54% and the state’s +3.03%. This stark discrepancy signals that 22624 is a distinct micro-market with unique demand drivers that are decoupled from the broader regional trends. While neighboring ZIP codes such as 22637 and 22625 show moderate growth rates of +12.16% and +14.89% respectively, 22624’s performance is notably superior. This suggests that specific local factors, potentially related to inventory scarcity or targeted buyer demand, are propelling prices higher than the general Frederick County average. The sub-market character of 22624 appears to be a high-value, owner-occupied segment. With a median home value of $386,000 in the parent county and an owner occupancy rate of 79.3%, the area leans toward established residential ownership rather than a renter-heavy profile. The median household income of $97,606 supports this, indicating a population with sufficient purchasing power for the local price points. For prospective buyers, the practical takeaway is that ZIP 22624 operates as a premium sub-market within Frederick County. The rapid appreciation rate, despite the national 30-year mortgage rate remaining at 7.40%, implies that demand remains strong. Residents and buyers should anticipate that property values in this specific ZIP code are subject to higher volatility and faster growth than the surrounding county, requiring careful consideration of long-term affordability and entry timing.

Based on FHFA House Price Index data.