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Great Falls, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Great Falls, VA Housing Market Trends

With a population of 15,953, 4,852 total housing units (homes and apartments), and a median house value of $1,307,075, Great Falls house prices are not only among the most expensive in Virginia, Great Falls real estate also is some of the most expensive in all of America.

Great Falls is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Great Falls than is found in 98% of the communities in America.

The large homes that make up Great Falls are primarily owner-occupied ( 94.15%).

There is a lot of housing in Great Falls built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Great Falls built between 2000 and later ( 17.22%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.58%). There's also some housing in Great Falls built before 1939 ( 3.14%).

Great Falls Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Great Falls, where house values have increased just 30.37%, which is annualized rate of 2.69%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

Over the last year, Great Falls appreciation rates have trailed the rest of the nation. In the last twelve months, Great Falls's appreciation rate has been 8.86%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Great Falls were at 2.26%, which equates to an annual appreciation rate of 9.34%.

Relative to Virginia, our data show that Great Falls's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$1,307,075

Great Falls, VA HOME PRICES

> $1,216,000
$913,001 - $1,216,000
$609,001 - $913,000
$487,001 - $609,000
$365,001 - $487,000
$243,001 - $365,000
$122,001 - $243,000
$61,001 - $122,000
$0 - $61,000
60.1%
60.1%
27.7%
27.7%
9.6%
9.6%
0.5%
0.5%
0.0%
0.0%
0.4%
0.4%
1.1%
1.1%
0.5%
0.5%
0.2%
0.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for VA

Value Relative To Nation

Number Of Homes And Apartments:
4,852

Great Falls Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
120.53% 3.58%
6
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,966 / per month

Homeownership Rate

Owners
Renters
Vacant
94.1%
94.1%
5.9%
5.9%
4.8%
4.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
17.2%
17.2%
69.1%
69.1%
10.6%
10.6%
3.1%
3.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
99.3%
99.3%
0.2%
0.2%
0.0%
0.0%
0.0%
0.0%
0.5%
0.5%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
0.0%
0.0%
1.7%
1.7%
13.3%
13.3%
38.9%
38.9%
46.1%
46.1%
0.0% 100.0%
% OF HOMES