Wakefield, VA—23888
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Wakefield, VA
Wakefield, VA lacks sufficient home price data for analysis.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $196,000 | -4.2% |
| Single Family | $196,000 | -3.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $119,000 | -3.3% |
3 Bed | $204,000 | -4.2% |
4 Bed | $300,000 | -1.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Wakefield, VA
Wakefield, VA lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,350 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,250 | $1,250 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,300 | $1,400 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Wakefield, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Wakefield, VA is 80. This is a increase of 26.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $489,000 | -12.0% |
Listing Count | 15 | 100.0% |
| Listings as % of Homes | 0.5% | 100.0% |
Days on Market | 80 | 26.0% |
Demographics — Wakefield, VA
As of the latest ACS Survey released in 2023, Wakefield, VA has a population of 2,560, which has increased by 20.9% over the past 5 years. Wakefield, VA is a moderately popular place for families, as children make up 18.5% of the population. The area has a poorly educated workforce, with 19.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 2,560 | 20.9% |
% Under 18 | 18.5% | -13.1% |
% Seniors | 19.8% | -14.3% |
% WFH | 10.0% | ∞% |
% w/ College Degree | 19.4% | 43.7% |
As of the latest ACS Survey released in 2023, Wakefield, VA is a predominantly black area, with 48.0% of the population identifying as black. The black population has grown by 46.8% in the last 5 years. The second most common race or ethnicity in Wakefield, VA is white, making up 47.2% of the population. Foreign-born residents account for 1.5% of the population in Wakefield, VA, and this percentage has increased by 66.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 47.2% | -24.8% |
% Black | 48.0% | 46.8% |
% Hispanic | 0.2% | -89.5% |
% Asian | 1.2% | ∞% |
% Foreign Born | 1.5% | 66.7% |
Mortgage and Risk — Wakefield, VA
According to HUD data as of 2023, there were 31 mortgage originations in Wakefield, VA, of which 58.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 45.0% above 90% LTV (very high). This implies large mortgage risk in Wakefield, VA. Investor activity is low, as 0.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 31 |
% Conventional Loans | 58.0% |
% Government Loans | 42.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Wakefield, VA
Wakefield, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 34 |
Total Units Section 8 | 34 |
% Rentals under Section 8 | 9.5% |
% Occupied Section 8 | 88.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$110 | $1,250 | $1,140 |
| 2 Bedroom | N/A | N/A | $1,290 |
| 3 Bedroom | $340 | $1,300 | $1,640 |
| 4 Bedroom | N/A | N/A | $2,040 |
Affordability — Wakefield, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $196,000 |
| Median Household Income | $69,100 |