Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 23488 is poised for careful consideration, especially for landlords and small-portfolio investors. Median home values are currently unavailable, which suggests that there might be limited historical data or significant variability in the housing stock. This absence of a median home value makes it challenging to assess the overall market health but does not necessarily indicate poor performance.
The percentage of listings that have been reduced is also not available, but if we observe a trend where a higher number of listings are being reduced, this would typically signal downward pressure on home values. Landlords and investors should monitor this metric closely as it can influence the rental market dynamics. Reduced listings often lead to lower asking prices, which could impact the rental rates landlords can charge.
The median days on market (DOM) is another missing piece of data. However, if the DOM is high, it indicates a slower selling market, suggesting that buyers have more leverage when negotiating prices. For investors, this means that they might find more opportunities to purchase properties at potentially lower prices, though it also implies that it will take longer to sell any properties they decide to liquidate.
On the rental side, the Fair Market Rent (FMR) for ZIP 23488 is set at $1,150 for the fiscal year 2026, which provides a benchmark for rental rates. If the current market rents are below this figure, landlords may have room to increase their rents to align with the FMR. Conversely, if market rents are already above or near the FMR, landlords should expect minimal growth in rental income unless the local economy improves significantly.
For long-term hold investors, the appreciation thesis in ZIP 23488 appears to be limited based on the available data. The lack of specific appreciation figures suggests that the area may not be experiencing rapid growth in property values. Investors should focus on generating steady rental income rather than relying on capital appreciation as a primary source of profit.
In summary, the combination of missing median home values, reduced listings, and DOM data points towards a cautious approach to investment in ZIP 23488. Investors should prioritize properties that offer stable rental income and consider the potential for modest rental rate increases as the FMR rises. Long-term appreciation is unlikely to be a significant factor, so the emphasis should be on cash flow and operational efficiency.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.