(Photo by JoJo Chuk from Burst)

Virginia is a large and diverse state filled with a variety of topographies and natural features, like mountains, lakes, and even caves! So it’s no surprise that many who live within Washington DC’s urban sprawl (or even other large cities of the East Coast) would look at buying a vacation home in Virginia. 

The rise in the price of city abodes, as well as changes in work and home preferences over the last two years as a result of the health crisis, are also reasons why vacation homes — or second homes — are more popular than ever. 

Where are Virginia’s Vacation Homes?

Virginia is an attractive location to purchase that vacation or second home due to its natural, historic, and cultural amenities, though the percentage of homes in the area that might actually be considered vacation homes varies by region. Rural counties in Virginia are more likely to have vacation homes, particularly those located along the eastern shore, along the Blue Ridge and Valley, and in Southside along the North Carolina border. Vacation share of housing is growing across the state, however, especially in rural western areas of the state.

Who is Buying a Vacation Home in Virginia?

The majority of homebuyers in Virginia are purchasing their property as a primary residence, but those purchasing a vacation or second home in Virginia are buying it for family use, or for equity gain as a rental. These properties may be getting more use than ever with today’s remote work possibilities, but typically they were intended for use only during weekends or seasonal living, like beach cottages and hunting cabins. 

Now, there is even a strong percentage of homeowners in Virginia who chose to own their “vacation” home and rent their residence in town due to the high price and smaller size of homes in the DC area.

Wealthy residents and retirees living in Northern Virginia, Richmond, Hampton Roads, or even down to Raleigh, NC who seek a weekend getaway or seasonal home are likely to be attracted to the affordability and solitude of rural Virginia. The state’s shore homes tempt those from even farther away.

Are Virginia Vacation Homes Affordable?

Virginia’s major vacation home markets are certainly not as expensive as many of the state’s other counties, but obviously, some areas are more expensive than others. Northumberland County has a median housing price higher than the median of the state as a whole, for example, which is rare for Virginia vacation homes.

Most locations in Virginia are a bargain for vacation home buyers in a typical year, with median home prices considerably below the state’s average home value. But this is changing! 

Prices in vacation home counties are rising faster overall than the rest of the market in the state. Part of this is the result of changes in work and home preferences due to the health crisis, but even before the pandemic, the average median home price rose more in Virginia counties with large amounts of vacation homes compared to those where residents were living full time. 

What to Know About Buying a Vacation Home in Virginia Right Now 

Interest rates are a huge driver for interest in vacation and second homes right now, and many in urban areas especially are realizing that for the same amount as a typical weekend away, they could enjoy their own getaway home and perhaps even rent it as an investment.

But whether a home is your primary residence or your rural/coastal escape, remember that there are pros and cons of owning a vacation home or second property, including tax implications, maintenance of a home (and probably yard), and property management if you’re planning to rent for income. 

Virginia is a place where you can truly enjoy relaxing and taking in all of the nature, history, and beauty the state has to offer. It’s a prime location for those seeking to purchase a vacation or second home for many reasons, and even in today’s hot market, there are many desirable vacation homes available. 

Contact LIST WITH ELIZABETH® to find out more about homes available in our area of expertise and to be connected to resources for buying a vacation home in Virginia.