24333, Galax, VA

Home Equity and Home Prices in the 24333 Zip Code of Galax, VA

The 24333 zip code of Galax, VA has a median home value of $130,000. This is lower than the statewide median home value of $217,500. The average home value in this zip code is lower than the countywide average home value of $157,600. There are a number of factors that could contribute to this difference including: fewer expensive homes available for sale in this zip code, lower incomes within the area, or a combination thereof.

Despite these disparities, there have been modest increases in home values over the past few years. In 2015, the median home value increased by 2% from 2014 levels. This increase was likely due to an influx of new residents into the area as well as an uptick in sales activity. Since then however, prices have trended downwards and were down by 1% from 2016 levels as of September 2017. It is possible that market conditions have changed since then and that prices will continue to rise or fall over time; however at this point it is difficult to predict with certainty.

Given these fluctuations in prices it can be difficult for homeowners to make significant gains or losses on their homes over time. Even if prices do not increase or decrease significantly from one year to the next (a rarity), homeowners may still see small changes due to inflation or other factors outside their control (such as interest rates). For some people this could make owning a home less attractive relative to other options such as renting or living elsewhere in Virginia.