From rural to riches: Exploring the transformation of NoVA’s housing market

Did you know that Virginia ranks among the wealthiest states in America? We’re looking at some of the places people call “home” in Northern Virginia—and at how your vote could influence the housing market.

Loudoun County, located in NoVA, consistently maintains the highest average yearly income in the US, when compared to other counties. This means that Northern Virginia also has some of the most luxurious and expensive residences in the state.

The most costly houses in the commonwealth sit squarely in the multi-millions. It is important to note that affordable housing in these areas is scarce, and in places like Loudoun County, the wealth gap is especially apparent—raising questions about the sustainability of such extreme affluence amidst a growing need for accessible housing.

Many politicians, lobbyists, lawyers, and Supreme Court justices moved to these areas starting in the 1980s, therefore contributing to the locale’s massive wealth. Before Northern Virginia’s population boom, the area was largely rural; once people started moving it, it didn’t take long for empty fields to transform into sprawling estates. 

7979 E Boulevard Dr, Alexandria, VA: $60 million

7979 E Boulevard Dr, Alexandria photo by Bright MLS/Zillow

This lakefront property is located in Alexandria on 16.5 acres of land. Built in 2018, the massive mansion is 16,000 square feet—and it’s located on George Washington’s original Mount Vernon Estate. The property boasts eight bedrooms, 15 bathrooms, an indoor pool, a movie theater, and two kitchens. You can own this home for a cool $60 million as listed on Zillow, with approximately a $372,922 monthly mortgage payment. 

1288 Ballantrae Farm Dr, McLean, VA: $39.9 million

1288 Ballantrae Farm Dr, Mc Lean photo by Bright MLS/Zillow

Ballantrae Farm is a multi-house property located minutes away from the nation’s capital. This 6.3-acre property contains the main house built in the 1930s and two original farmhouses that act as guest houses. The main house is a Georgian revival style, with a pool, a six-car garage, and a walkway with 300-year-old cherry trees. You, too, can own this piece of history for close to $40 million, with a $248,918 mortgage payment every month. 

700 Bulls Neck Rd, McLean, VA: $33.9 million

700 Bulls Neck Rd, McLean photo by Bright MLS/Zillow

Offering yet another waterfront property in McLean, this home has eight bedrooms and 15 bathrooms on a five-acre lot. This $34 million property has a spacious infinity pool, its own dock, and a grand spiral staircase. If one pool isn’t enough for you, that’s okay! There’s another indoor pool in the house’s basement. Looking to buy? Well, expect your mortgage payments to be about $210,701 a month. 

6501 Bright Mountain Rd, McLean, VA: $29.9 million 

6501 Bright Mountain Rd, McLean photo by Bright MLS/Zillow

This new build is the definition of luxury. Built on a 5.3-acre lot in Langley Crest, this six-bedroom, 13-bathroom home has all the amenities you could ask for. The property is fitted with a pool, a basement dance studio, a sauna, and a poolside bar. Interested in this property? Zillow’s estimated mortgage payment is $186,399 per month. 

6431 Georgetown Pike, McLean, VA: $25 million 

6431 Georgetown Pike, McLean photo by Bright MLS/Zillow

This property is named Chateau De Soleil, and is also located in McLean. There are a whopping 10 bedrooms and 15 bathrooms, totaling 22,000 square feet. This house is complete with crystal chandeliers, a ballroom, an outdoor waterfall, and fountains. The primary closet alone takes up 1,000 square feet, with the rest of the master bedroom taking up 3,300 square feet. This property can be yours for only $25 million—that’s $155,385 dollars a month in mortgage payments. 

The Housing Market

While it’s fun to dream, it’s also important to look at reality. CNBC recently reported that 2023 was the “least affordable homebuying year in more than a decade.” 

According to the Pew Research Center, a rising number of adults in the US live in multi-generational households. The data found that among young adults ages 25 to 29, about 31% lived in multigenerational households (often their parents’ home).

“Parents living with adult children and adults living with parents are about equally likely to say finances are a major reason for their living arrangement,” according to the Pew study. 

If you’re interested in housing trends, you might be surprised to find that you’re also invested in the upcoming election. Be sure to research the candidates and their stances on the housing crisis, and select the leaders that best align with your priorities.

Your vote can influence policies that address the growing gap between luxury and affordability, ensuring a future where everyone has a place to call home.