Are you looking for a great house with plenty of impressive features for your big family? If so, you can find the most luxurious and expensive home sales in Virginia.
When envisioning luxury real estate, penthouses in New York City or Manhattan tend to come to mind. You might be thinking of lounging around Beverly Hills in Palm Beach, Florida. Some imagine laughing alongside movie stars in Los Angeles, California.
Despite not being the first place to come to mind, megamansions come at a better asking price in Virginia than in the biggest cities. The housing market in Virginia is changing with an expansion of supply.
By the end of March 2022, Virginia saw 1,500 more active listings compared to February. The 12.1 percent increase might relate to the growing mortgage rates, as sellers want to gain buyer interest before the interest rates increase again.
The cost of homes has also increased significantly in Virginia. The median home listing was $375,000 in March 2022, a 12 percent jump from the prior year.
Therefore, if you’re seeking the most expensive home sales in Virginia, the time is perfect to buy luxury real estate in the state. Keep reading to learn more about the priciest real estate in Virginia.
Overview of the Virginia Real Estate Market
The Virginia real estate market has seen a growing sales price on the average single-family home over the last five years. The median sales price has increased from approximately $300,000 in September 2017 to $447,700 by May 2022 throughout Virginia.
In general, the Virginia housing market has grown by 9.5 percent year over year. Yet, only about 13,111 homes were sold within the last year, which is a 7.7 percent drop year over year.
The state of Virginia has seen steady job growth for several years. Even the COVID-19 pandemic did not have a significant impact on the employment rates in the state. Even though the beginning of 2020 saw an increase in unemployment rates, it has since recovered. The economy in Virginia remains strong.
The Virginia real estate market continues moving in a positive direction. The following areas show promise to real estate investors.
- Virginia Beach
Sold for $48 million last year, the River View became known as the most expensive mansion in Virginia. The mansion has:
- Seven bedrooms
- Six full bathrooms
- Six half baths
- A view of the Potomac River.
- A swimming pool
- A home gym
- A spa
- A game room
- A 15-seat movie theater
- A sauna
- A three-bedroom guest house.
The buyer was recently revealed as the Washington football team owner Dan Snyder. The sale was finalized on October 29, 2021.
To learn more about the most expensive homes throughout Virginia, keep reading about the typical real estate prices in the state and the most pricey home sales.
Real Estate Prices in Virginia
According to Zillow, the general home value in Virginia is $370,151, which has increased by 12.6 percent from April 2021 to May 2022. That value is the middle price tier of houses. The average price per square foot is $209 in the state. Currently, there are 25,277 homes in Virginia for sale.
In Virginia Beach, the average asking price of homes is $372,450, while Richmond has an average list price of $385,000. However, in Vienna, Virginia, the average list price is $1,324,000, while the average list price is $2,090,000 in McLean.
So, that’s where you will find luxury homes and a possible 4,000-square-foot mansion. Falls Church, Virginia also has expensive homes with an average asking price of $747,000.
Yet, if you are selling your home in Virginia, you will find that the cost to sell a house in VA may include the expenses of renovations, landscaping, staging, transfer taxes, and more. Nonetheless, with the high real estate prices, you should come out ahead and make a profit once the sale is final.
The Most Expensive Home Sale in Virginia
We’ve gathered some of the best and most expensive homes for sale in Virginia and listed them below for your convenience.
The 39,000 square-foot mansion costs $39 million and has 180-degree views of the Potomac River, a swimming pool, and 22 garage spaces with a circular driveway. When searching for the one (the perfect home), it takes the cake with its 8 bedrooms and 13 bathrooms.
The nearly 26,000 square-foot real estate property comes with 23 bedrooms and 13 bathrooms with three half baths. The megamansion has two attached garage spaces, central air conditioning, and a swimming pool for $29,950,000.
Even if you don’t live in the Hamptons or San Francisco, you could have a living space of 23,600 square feet with six bedrooms and 11 bathrooms at an asking price of $29.9 million. You will gain three covered garage spaces and nine driveway parking spaces.
For $27.5 million, you could have a home with 10 bedrooms and 12 bathrooms with 12,500 square feet of living space. It also has eight attached garage spaces.
At $24 million, you can purchase real estate with eight bedrooms, 13 bathrooms, and 10 attached garage spaces.
At $22 million, the mansion here comes with 10 bedrooms, 15 bathrooms, and 22,000 square feet in total.
The property on Cove Lane costs $19.5 million and includes 8 bedrooms and 11 bathrooms with more than 20,000 square feet.
At $19 million, the mansion here comes with 8 bedrooms and 8 bathrooms at nearly 5,000 square feet.
The property has an asking price of $16.5 million and includes a water view with six bedrooms and nine bathrooms.
The real estate property here costs $15,485,000. It has three bedrooms, three bathrooms, and 3,375 square feet in total.
At an asking price of $15 million, you can get a home with five bedrooms, four bathrooms, and nearly 7,000 square feet. It comes with many acres of land where you can even raise horses.
At $14.7 million, you can get a property with eight bedrooms, 12 bathrooms, and nearly 15,000 square feet of living space.
For $13,985,000, the mansion in Orange, Virginia has eight bedrooms and 10 bathrooms.
At $12 million, you can get real estate with seven bedrooms, nine bathrooms, and 10,500 square feet in total.
The real estate property here costs $11,998,000 and comes with five bedrooms and 11 bathrooms. You’ll see gorgeous views of the Potomac River and own as much as $16,000 square feet.
There are incredibly expensive and impressive homes found throughout Virginia. Yet, if you’re looking to sell your Virginia home, you may want to consider working with cash buyers. We found cash buyers to buy my house in Norfolk. You can get a fair offer by working with the right real estate investors. Luckily, we buy homes in Virginia Beach. Contact us today!