ZIP Code 23062 Housing Market

📝 Local Market Notes

The housing market in ZIP code 23062 exhibits a pronounced deceleration in price appreciation, marking a distinct shift from recent trends. The FHFA House Price Index for this area rose from 184.97 in 2020 to a peak of 280.34 in 2024, reflecting significant cumulative growth. However, the latest 2025 data indicates a contraction, with the HPI falling to 276.56. This represents a year-over-year decline of 1.35%, signaling a cooling phase after the aggressive expansion observed during the 2021–2022 period. The trajectory suggests that while long-term equity has been preserved, short-term momentum has reversed, creating a more stable but less volatile pricing environment compared to the preceding years. This performance creates a notable divergence from broader regional metrics. While ZIP 23062 contracted by 1.35%, the parent Gloucester County experienced a 5.96% increase, and the state of Virginia saw a 3.03% rise. This disparity indicates that 23062 is currently underperforming relative to both its immediate county context and the state average. The divergence suggests that local inventory levels or specific micro-market dynamics within this ZIP code are suppressing demand or increasing supply relative to neighboring areas. Nearby ZIP 23061, which shows a 7.60% increase, further highlights that 23062 is not experiencing the same upward pressure, potentially offering a relative value opportunity within the county. Characterizing the sub-market, the data points to a mid-tier residential area rather than a luxury enclave. The parent county’s median home value of $331,000 and median household income of $84,306 suggest an established, owner-occupied community, supported by an 80.4% owner occupancy rate. The HPI level of 276.6, when adjusted for the 2000 baseline, aligns with a market that has matured significantly since the early 2000s but remains accessible to middle-income buyers. For prospective residents, the current 7.40% mortgage rate combined with the local price correction implies that entry costs may be more favorable than during the 2024 peak. Buyers should note that while the broader Virginia market continues to appreciate, ZIP 23062 offers a period of price stabilization, allowing for more competitive negotiation in a market that is currently lagging behind its county peers.

Based on FHFA House Price Index data.