24465, Monterey, VA

The 24465 zip code of Monterey, VA has a median home value of $207,000. This is higher than the national median home value of $177,500. The 24465 zip code also has a lower than average home equity percentage of 58%. This indicates that there are more homes with negative equity (less than the value of the property) than homes with positive equity (more than the value of the property).

The average home price in Monterey increased by 5% from 2016 to 2017. This is slower growth than other nearby zip codes which saw an increase in their average home prices by 10% or more during this time period. It is possible that this slower growth is due to a lack of available inventory in Monterey or that buyers are waiting for prices to go up before making an offer on a property.

There are many factors that can affect home prices and it is difficult to determine which factor(s) caused the slow growth in Monterey over the past year. However, it is likely that some combination of low demand and high supply played a role in this slowdown.