24631, Oakwood, VA

The 24631 zip code of Oakwood, VA has a median home value of $236,000. This is higher than the national median home value of $183,500. The Oakwood area has seen an increase in home values over the past five years. In 2013, the median home value was $215,000. In 2016, the median home value increased to $236,000. This trend is likely to continue as more people are moving into this area and purchasing homes.

One factor that may be contributing to this increase in home values is that there are relatively few homes for sale in the 24631 zip code. There are only 116 homes for sale in this zip code as of February 2019 compared to 592 homes for sale in the same time period last year. This indicates that there is strong demand for housing in this area and that homeownership rates are high.

Another factor contributing to the increase in home values in the 24631 zip code is inflationary pressure on prices across all markets nationwide. The Consumer Price Index (CPI) rose 2% from December 2018 to January 2019 which contributed to an overall 3% increase in prices over this period according to Zillow data1 . This means that even if no new homes were being built or sold during this time period, prices would still have increased due to inflationary pressures elsewhere in the economy.