Is your current home getting too small for you? Do you feel that you deserve more amenities at your place of residence? If you’re tired of living in your current house and you want to upgrade, take a look at our guide of the most expensive home sales in Virginia.
If the Beverly Hills of California, the Hamptons, a New York City penthouse, or Palm Beach, Florida, are not your cup of tea, Virginia might be a perfect place to relocate. In this guide, we will cover the Virginia real estate market and provide you with tips on home selling your current house, as well as provide advice every homebuyer needs when choosing the most expensive houses in Virginia.
Keep reading to get an overview of the Virginia real estate market and its most expensive home sales.
Overview of the Virginia Real Estate Market
Within the Virginia real estate market, the average home price is $332,063. The average value of a home in Virginia has grown by 12.5 percent in the last year, according to Zillow. In general, the average cost of homes throughout this state has skyrocketed by more than $100,000 since 2012.
Clearly, home selling is big business in this state, with most home sellers making more than $300,000. Forbes stated that Richmond, Virginia, in particular, is number 8 in their list of the top 15 housing markets in 2020. Homes in the Richmond, VA area are being sold in record time, according to the Norada Real Estate Investments publication.
The housing supply is dropping there as well. From 2018 toward the end of 2020, the number of houses in Richmond decreased by at least half, if not more.
As such, many of the real estate opportunities left are the most expensive home sales in Virginia. The Richmond Association of Realtors released data in November 2020 showing that the number of single-family homes dropped by 57.1 percent.
In addition, the data shows that if no new listings are put on the Richmond real estate market, the availability of condos and townhomes will disappear in only a little over one month.
The data also illustrates that home sellers selling homes with the priciest range of $450,000 and above take an average of 51 days before the house is sold. This slow pace of selling the more pricey properties shows that the most expensive home sale in Virginia is more likely to be available to you than the cheaper properties.
Now, it’s time to look at the real estate prices in Virginia and what properties you might be able to afford. You’ll see that there are plenty of luxury homes to choose from. Also, if you need someone to quickly purchase your home, we buy houses in Virginia.
Real Estate Prices in Virginia
As a homebuyer, you’ll need to consider many things when looking at prime real estate in Virginia. You’ll need to consider Virginia real estate prices, the state that the real estate market is in, property taxes, and even the resale value of your new home.
In addition, you need to think about selling your current home. For instance, you could save some dough on a listing agent if you sell a house without a realtor. You might also consider selling a house for cash.
According to the Royal Examiner publication, the Virginia real estate market still has high demand and decreased mortgage rates, which is leading to a robust housing market.
In general, there is a severe decline in available real estate listings in Virginia. This is leading home sellers to have more of an advantage in terms of setting high real estate prices.
Toward the end of January 2021, there were only 16,280 active real estate listings in the entire state of Virginia. This is a sharp decline of 43 percent when compared to the end of January 2020, as the number of listings dropped by 12,259.
While Virginia real estate prices were high and the real estate market was robust so far in 2021, especially this past summer, the Virginia housing market is expected to slow down for the rest of the year, reports The Roanoke Star.
If the real estate market cools down, there will no longer be growing real estate prices throughout the state, and bidding wars will also subside. While the median house sale price grew 17.1 percent in June 2021 from the previous year, the number of real estate listings has been growing in recent months.
There is currently a growth in the inventory of homes as well as a slowdown of homebuyers looking to purchase properties throughout the state of Virginia. As such, the real estate prices in Virginia are expected to decrease slowly.
If you’re having trouble finding buyers for your current home, there are companies that buy houses in Norfolk.
The Most Expensive Home Sales in Virginia
To find out all about the most expensive home sales in Virginia, we’ve gathered a list of the ten most pricey properties in this state for you to peruse.
#10) “Edgemont,” Undisclosed Address, North Garden $19,000,000
This Palladian-style home sits on 572.34 acres of rolling land nestled in the foothills of the famous Blue Ridge Mountains. The 4,836 square-foot home includes eight bedrooms, seven full bathrooms, and one-half bath.
You will also find a private pool, guest house, landscaped gardens, and waterfront access.
#9) “The Cove” 12410 Cove Lane, Hume $19,500,000
The Cove is a sprawling compound in the Blue Ridge foothills, providing a perfect private family retreat. The 20,571 square-foot mansion includes a home theater, two-story library, wine cellar, eight bedrooms, seven full bathrooms, and four half baths.
The compound sits on 2,000 acres, including a private pool, horse pastures, woods, and water access.
#8) Heronwood Farm & Golf Course, 1344 Rokeby Road, Upperville $19,500,000
This sprawling 495-acre property includes an 18-hole golf course, horse stables, polo field, arena, pastures, and gorgeous home not too far from Washington, DC.
The home itself is a historic 1903 manor, with eight bedrooms, four full bathrooms, and two half baths.
#7) 1171 Chain Bridge Road, McLean $24,000,000
This site is a new construction in the prestigious Ballantrae Farms neighborhood. The estate will be 20,000 square feet, including eight bedrooms, ten full bathrooms, three half baths, a domed reception hall, and an attached guest house, a pool, and a spa.
The entire property encompasses 1.51 acres and a corner lot.
#6) “Llangollen” 21515 Trappe Road, Upperville $29,000,000
This private manor home is nestled on 1,096 acres that date back to the 1700s and are a National Historic Landmark. The property includes pastures, stables, equestrian arenas, vineyards, and more.
The manor house is 12,500 square feet with nine bedrooms, eight full bathrooms, and three half baths.
#5) 7500 Ironwood Lane, Warrenton $29,950,000
A proper historic estate, this home is also on the National Register of Historic Places. Established around 1776, the estate spans 1,471 acres of farm and equestrian features, a private pool, and hunting grounds.
The mansion itself is 25,939 square feet and includes 23 bedrooms, 13 full bathrooms, and three half baths.
#4) 7931 E Boulevard Drive, Alexandria $32,900,000
This 27.5-acre property sits on the edge of the Potomac River and boasts award-winning gardens and grounds. The home itself was built in 1924, and the historical details are meticulously cared for.
The 11,086 square-foot estate contains six bedrooms, six full bathrooms, and four half baths.
#3) 129 Tavern Lane, Amherst $37,000,000
Another sprawling estate property, this listing includes 942 acres of pristine land, including a Sam Snead-designed golf course and a manor home.
The listing is geared toward a commercial sale, with a clubhouse and land for vineyards, and more.
#2) “Zeuswyn Farm” 790 Zeuswyn Drive, Culpeper $49,300,000
Again, the real value in this listing is the land. The 166-acre lot holds a single-family home but could be developed into an estate, a subdivision, or even a mixed-use commercial property.
The home is 2,849 square feet and includes three bedrooms, one full bathroom, and one-half bath.
#1) “River View” 7979 E Boulevard Drive, Alexandria $60,000,000
This is an extremely rare find in the real estate world. This historic estate sits on 16.5 acres of George Washington’s original Mount Vernon property.
With 16,000 square feet, the home includes river-view terraces, a spa with steam room and sauna, pool, gaming room, a movie theater, seven bedrooms, seven full bathrooms, and six half baths.
Are you still wondering, “How can I sell my house fast in Virginia Beach?” While the average costs of homes in Virginia have skyrocketed over the last decade, the second half of 2021 has seen a cooling down period within the Virginia real estate market. As such, home prices are slowly coming down. Nonetheless, the housing supply could be better.
As such, there are more expensive homes available for sale in Virginia. Be sure to check out our list of 10 of the most expensive home sales in Virginia if you’re looking to upgrade and move into a luxurious property.