Location: Russell County, VA | Metro: Russell County, VA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,210 | $255,929 | 0.47% | F |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 24280 presents a unique set of conditions that will shape pricing power and investment strategies over the next 12 to 24 months. With a median home value of $232,710, the area is positioned at an accessible price point for many buyers, suggesting a broad appeal in the housing market.
The fact that the percentage of listings reduced is currently not available indicates a stable market where neither significant increases nor decreases in asking prices are occurring. This stability can be advantageous for landlords and small-portfolio investors looking to maintain consistent cash flows without the volatility often seen in rapidly changing markets.
Similarly, the median days on market (DOM) being listed as N/A points to a balanced market where homes are generally selling within a reasonable timeframe. A stable DOM suggests that there is neither a glut of unsold properties nor a shortage leading to bidding wars, which would otherwise impact pricing power.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected to be $910. While the current market rent is not specified, this figure provides a benchmark for rental pricing expectations. If the current market rent is below this projection, it signals potential upward pressure on rents as the area aligns with broader regional trends.
For long-hold investors, the setup implies a realistic appreciation thesis based on gradual growth rather than explosive gains. The absence of significant fluctuations in listing reductions and DOM, combined with the projected rental rates, suggests that steady increases in property values and rents are likely, but rapid appreciation is improbable.
The overall market conditions in ZIP 24280 indicate a scenario where landlords and small-portfolio investors can expect moderate returns through rental income and slow property value appreciation. This environment favors investors who are prepared for a longer-term commitment and are less focused on short-term capital gains.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.