Overview
Virginia offers diverse real estate from the expensive Northern Virginia suburbs of Washington DC to the more affordable Richmond metro and Hampton Roads coastal region. The state's proximity to federal government employment, strong education system, and historic attractions create stable housing demand.
Virginia Real Estate Market
Northern Virginia (Arlington, Fairfax, Alexandria) commands premium prices due to federal employment and tech growth. Amazon's HQ2 has added demand. Richmond offers excellent value as a growing mid-size metro. Hampton Roads provides coastal living with military-influenced stability. Charlottesville benefits from University of Virginia.
Property Taxes in Virginia
Virginia property taxes are below the national average but vary significantly by jurisdiction.
Average effective rate: 0.82%
Annual tax on median home: ~$3,280
Note: Northern Virginia counties tend to have higher rates
First-Time Buyer Programs
Virginia Housing Programs:
- Virginia Housing Loan - Below-market rates
- Down Payment Assistance Grant - Up to 2.5%
- Closing Cost Assistance - Additional 2%
- Mortgage Credit Certificate
Closing Costs in Virginia
Virginia closing costs are moderate to high, typically 2-4% of purchase price.
Common costs include:
- Title insurance: Based on purchase price
- Grantor tax: $1 per $1,000 (seller)
- Recording fees: County-dependent
- Regional recordation tax in some areas
Frequently Asked Questions
Northern Virginia offers excellent schools, proximity to DC jobs, and strong appreciation history. However, high prices, traffic, and cost of living are significant. Many buyers seek value in outer suburbs or different metros entirely.
Amazon's Crystal City headquarters has increased demand and prices in Arlington and nearby areas. The effect has spread to adjacent neighborhoods and improved transit-connected locations.
Richmond offers significantly lower prices with growing job market, historic neighborhoods, and urban amenities. The trade-off is fewer high-paying federal and tech jobs, though remote work has made it more viable.