Location: Grayson County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
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 | $800 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $126,502 | 0.74% | D |
| 3BR | $1,280 | $170,894 | 0.75% | D |
| 4BR | $1,350 | $224,625 | 0.6% | D |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 24330, located in Fries, Virginia, is marked by a median home value of $151,557. This figure serves as a baseline for understanding the local market's valuation trends. Despite the specific percentage of listings being reduced and the median days on market (DOM) remaining unspecified, these elements collectively suggest a stable market where pricing power is balanced between buyers and sellers. A stable median home value without significant reductions indicates that homeowners are holding steady, likely due to a lack of urgency in selling, which could imply confidence in the current property values or a broader economic stability.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $910, while the current market rent stands at $728 according to the Census ACS data. This gap signals an opportunity for landlords and small-portfolio investors to potentially increase rents, aligning them closer to the FMR, especially if the local economy supports such adjustments. However, it also suggests caution, as the current market rent is significantly lower, indicating that there might be a segment of the population sensitive to rent increases, necessitating a gradual approach to aligning with the FMR.
For long-term investors, the setup in Fries, VA, implies a realistic appreciation thesis based on the convergence of home values and rents towards their respective FMRs. The potential for appreciation is tied to broader economic factors such as job growth, population changes, and infrastructure developments that can drive up both housing values and rental incomes. While direct predictions are avoided, the data points to a scenario where maintaining properties and gradually adjusting rents could lead to a steady increase in asset value and rental income over the next 12-24 months, assuming external factors remain favorable.
The combination of a stable median home value and the disparity between current market rents and the projected FMR provides a clear picture of the market dynamics. Landlords and investors should focus on improving property management practices and consider strategic rent increases to capitalize on the potential upward trend in rental values. Meanwhile, the relatively unchanged median home value suggests that sellers have maintained their pricing power, but this does not necessarily translate into rapid appreciation for those holding onto their properties. Instead, the focus should be on long-term stability and gradual growth.
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.