22066, Great Falls, VA

The 22066 zip code of Great Falls, VA has a median home value of $128,000. This is significantly lower than the national median home value of $217,500. The 22066 zip code also has a low home equity rate of only 5.1%. This indicates that many homeowners in this zip code are not able to use their home equity to finance other needs or investments.

There are several factors that may contribute to the low home equity rate in the 22066 zip code. One reason may be that there is a high percentage of single-family homes in this area. These homes typically have smaller values and less equity than duplexes or apartments, which may make them more difficult for homeowners to sell or refinance in the future. Additionally, Great Falls is located in a rural area and has a low population density, which could also lead to fewer opportunities for homeowners to find buyers or refinance their mortgages.

Despite these challenges, there are some indications that the housing market in the 22066 zip code is slowly recovering from its recessionary lows. In 2016, the median home value increased by 2% compared to 2015 and there was an increase of 6% in 2017 alone. Additionally, according to Zillow’s Home Value Index (HVI), which measures changes in U.S. residential property values over time using data from both public and proprietary sources, the 22066 zip code experienced an average annual growth rate (AAGR) of 2% between 2013 and 2017 – significantly higher than most other U.S. ZIP codes nationwide (1%). While it is still too early to tell whether this trend will continue into 2018 and beyond, these positive indicators suggest that there may be potential for increased housing prices in this area over time if current trends continue