Buena Vista is home to the best residential real estate investment market in Virginia.
The 24416 zip code in Buena Vista presents the greatest opportunity for investors among the 1,356 individual real estate markets in Virginia we evaluated. We looked at property values, population trends, and six other metrics for each market. We used that data to calculate each market's InvestScore.
Top 5 Virginia residential real estate markets
| Rank | City | InvestScore | Affordability | Property value appreciation |
|---|---|---|---|---|
| 1 | Buena Vista | 100 | 3.5 | 58.78% |
| 2 | Ridgeway | 99.9 | 2.6 | 52.90% |
| 3 | Shenandoah | 99.7 | 3.9 | 61.65% |
| 4 | Pearisburg | 97.7 | 3.0 | 51.41% |
| 5 | Collinsville | 96.9 | 3.2 | 59.12% |
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1. Buena Vista
We've identified the 24416 zip code in Buena Vista as Virginia's best real estate investment market. Here's why.
🔎 Key data about Buena Vista
| Data point | Value | Rank in state (of 1,356 markets) |
|---|---|---|
| Zip code | 24416 | N/A |
| InvestScore | 100 | Highest |
| Typical property value | $172,258[1] | 45th lowest |
| Five-year appreciation | 58.78%[2] | 38th highest |
| Household income | $49,614[3] | 296th highest |
| Affordability ratio | 3.5 | 47th most affordable |
| Five-year population growth | 10.8%[4] | 60th highest |
| Unemployment rate | 3.1%[5] | 87th lowest |
| Property taxes | $1,383[6] | 90th lowest |
| Educational attainment | 21.5%[7] | 254th highest |
Buena Vista (zip code 24416) is the best residential real estate investment market in Virginia. It has the 38th highest property value appreciation among markets we evaluated, with a 58.78% appreciation of the typical property over the last five years.
Buena Vista is the 47th most affordable market among the 1,356 Virginia markets we evaluated, with an affordability ratio of 3.5.
2. Ridgeway
The 24148 zip code in Ridgeway is Virginia's second-best residential real estate investment market.
🔎 Key data about Ridgeway
| Data point | Value | Rank in state (of 1,356 markets) |
|---|---|---|
| Zip code | 24148 | N/A |
| InvestScore | 99.9 | 2nd highest |
| Typical property value | $143,780[8] | 26th lowest |
| Five-year appreciation | 52.90%[9] | 77th highest |
| Household income | $54,294[10] | 276th highest |
| Affordability ratio | 2.6 | 15th most affordable |
| Five-year population growth | 7.2%[11] | 90th highest |
| Unemployment rate | 3.8%[12] | 144th lowest |
| Property taxes | $627[13] | 10th lowest |
| Educational attainment | 16.1%[14] | 302nd highest |
The 24148 zip code in Ridgeway features a typical property value of $143,780, the 26th lowest in the state.
Property values have appreciated 52.90% over the past five years, the 77th highest increase among evaluated markets in the state. Ridgeway homes have an affordability ratio of 2.6, the 15th most affordable in the state.
3. Shenandoah
The 22849 zip code in Shenandoah comes in at No. 3 in our ranking of residential real estate investment markets in Virginia.
🔎 Key data about Shenandoah
| Data point | Value | Rank in state (of 1,356 markets) |
|---|---|---|
| Zip code | 22849 | N/A |
| InvestScore | 99.7 | 3rd highest |
| Typical property value | $251,161[15] | 83rd lowest |
| Five-year appreciation | 61.65%[16] | 28th highest |
| Household income | $64,436[17] | 222nd highest |
| Affordability ratio | 3.9 | 95th most affordable |
| Five-year population growth | 12.5%[18] | 49th highest |
| Unemployment rate | 2.2%[19] | 30th lowest |
| Property taxes | $1,256[20] | 73rd lowest |
| Educational attainment | 10%[21] | 332nd highest |
With a typical property value of $251,161, Shenandoah's 22849 zip code features the 83rd lowest property values in the state.
Shenandoah homes have an affordability ratio of 3.9, the 95th most affordable among the markets we evaluated.
4. Pearisburg
The 24134 zip code in Pearisburg ranks No. 4 among Virginia's residential real estate investment markets.
🔎 Key data about Pearisburg
| Data point | Value | Rank in state (of 1,356 markets) |
|---|---|---|
| Zip code | 24134 | N/A |
| InvestScore | 97.7 | 4th highest |
| Typical property value | $190,520[22] | 54th lowest |
| Five-year appreciation | 51.41%[23] | 89th highest |
| Household income | $62,500[24] | 89th highest |
| Affordability ratio | 3.0 | 28th most affordable |
| Five-year population growth | 13.7%[25] | 42nd highest |
| Unemployment rate | 3.9%[26] | 150th lowest |
| Property taxes | $1,027[27] | 57th lowest |
| Educational attainment | 18.3%[28] | 284th highest |
Property values in Pearisburg's 24134 zip code have seen the 89th highest increase among evaluated markets in the state, with an appreciation of 51.41% over the past five years.
Pearisburg's affordability ratio of 3.0 makes it the 28th most affordable among the 1,356 markets we evaluated.
5. Collinsville
The 24078 zip code in Collinsville rounds out our top five residential real estate investment markets in Virginia.
🔎 Key data about Collinsville
| Data point | Value | Rank in state (of 1,356 markets) |
|---|---|---|
| Zip code | 24078 | N/A |
| InvestScore | 96.9 | 5th highest |
| Typical property value | $151,577[29] | 32nd lowest |
| Five-year appreciation | 59.12%[30] | 36th highest |
| Household income | $47,130[31] | 36th highest |
| Affordability ratio | 3.2 | 36th most affordable |
| Five-year population growth | 6.5%[32] | 101st highest |
| Unemployment rate | 5.4%[33] | 244th lowest |
| Property taxes | $684[34] | 17th lowest |
| Educational attainment | 23.5%[35] | 231st highest |
Property values in Collinsville's 24078 zip code rose 59.12% over the last five years, ranking the city 36th highest among evaluated markets in Virginia.
Collinsville homes have an affordability ratio of 3.2, the 36th most affordable among the markets we evaluated.
How we rank residential real estate markets in Virginia
We evaluated 1,356 markets on eight metrics, and then assigned an InvestScore based on their weighted and combined rankings. Each market corresponds to a specific zip code in Virginia.
What is InvestScore?
InvestScore is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the residential real estate investment potential of a given market. It takes into account a suite of key data points for each city.
- Typical property value: This measures the typical home value in this zip code, according to the Zillow Home Value Index. It reflects the typical value for homes in the 35th to 65th percentile range, including all homes, with the numbers smoothed and seasonally adjusted. We prefer lower property values, which indicate both more room for growth and a greater ease of purchase. We assign a weight of 20% to typical property values.
- Property value appreciation: This measures how much property values have increased in the area over the past five years, according to the Zillow Home Value Index. We prefer a higher appreciation, as it indicates better returns on housing. However, past performance isn't indicative of future results. We assign a weight of 20% to property value appreciation.
- Median household income: This is the inflation-adjusted median household income in the zip code, according to U.S. Census American Community Survey data. We prefer a higher household income, as it indicates local residents have more income to spend on housing. We assign a weight of 10% to median household income. We assign a weight of 10% to median household income.
- Affordability ratio: This is the ratio of the typical home value to the median household income in the area. A lower ratio is better because it means more households can afford a home, which indicates higher demand. We assign a weight of 15% to the affordability ratio.
- Population growth: This is how much the area's population has grown over the past five years, according to U.S. Census estimates. Higher is better, as it indicates residents are moving into the area at a rapid clip. We assign a weight of 10% to population growth.
- Unemployment rate: This is the unemployment rate in the area, according to U.S. Census data. We prefer a lower rate, as it indicates the availability of steady employment in the area, meaning residents will find it much easier to afford homes. We assign a weight of 15% to unemployment rate.
- Property tax: This is the median real estate property tax paid in the area, according to U.S. Census estimates. We assign a weight of 10% to property tax.
- Educational attainment: This is the percentage of residents in the area that have obtained a bachelor's degree or better, according to U.S. Census estimates. We prefer a higher rate because it indicates local residents who have higher earning potential and thus should be able to afford homes. We assign a weight of 15% to educational attainment.
Disclaimer: The information contained in this article isn't intended as, and shall not be understood or constituted as, financial advice. The information in this article isn't a substitute for financial advice from an investment professional or real estate agent who is aware of the facts and circumstances of your financial situation or the specifics of any individual property.
