ZIP Code 22849 Housing Market

📝 Local Market Notes

The housing market in ZIP code 22849, located in Page County, Virginia, exhibits a complex price trajectory over the past five years. The Home Price Index (HPI) rose steadily from 214.59 in 2021 to a peak of 319.45 in 2024, reflecting significant appreciation during the post-pandemic period. However, the index has since corrected to 307.0 in 2025. This recent adjustment represents a year-over-year decline of 3.90%, marking a distinct shift from the previous upward momentum. While the absolute price level remains historically high, the negative growth rate indicates a cooling phase within this specific geographic segment. This performance creates a notable divergence from broader regional trends. While ZIP 22849 experienced a 3.90% contraction, the parent county recorded a 5.10% increase, and the state of Virginia saw a 3.03% gain. This outperformance by the county and state suggests that 22849 is currently underperforming relative to its immediate surroundings. Such divergence often signals localized supply dynamics or a correction in previously overheated pricing, distinguishing it from the more robust growth observed in nearby ZIP codes like 22835, which posted a 7.26% year-over-year increase. The sub-market character of 22849 aligns with the broader economic profile of Page County. With a median home value of $233,200 and a median household income of $57,037, the area functions as a mid-range, owner-occupied market rather than a luxury or high-rent sector. The 71.8% owner-occupancy rate reinforces its residential stability. For prospective buyers, the current 7.40% mortgage rate combined with the local price correction presents a different dynamic than the county average. Residents should note that while the ZIP is currently softer than the state trend, its HPI level of 307.0 remains significantly above the 2000 baseline, indicating that long-term value retention has been strong despite the recent short-term pullback.

Based on FHFA House Price Index data.