Forest, VA—24551
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Forest, VA
As of Oct '25, the median home price in Forest, VA is $416,000, with a year-over-year change of 3.0%. This indicates that home prices in Forest, VA are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $416,000 | 3.0% |
| Single Family | $420,000 | 3.2% |
| Condos | $255,000 | 2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $247,000 | 0.8% |
3 Bed | $367,000 | 2.5% |
4 Bed | $514,000 | 4.3% |
| 5 Bed | $656,000 | 4.6% |
% of Housing Stock
Rental Trends — Forest, VA
As of July '25, Rentcast reports the average rent in Forest, VA is $1,600, with a year-over-year rent change of 3.2%. Per bedroom, the median rent as of July '25 in Forest, VA is 1-bedrooms: $902, 2-bedrooms: $1,320, 3-bedrooms: $2,010, 4-bedrooms: $2,110. The most common rental property sizes in Forest, VA are 2-bedroom and 3-bedroom, accounting for 42.7% and 32.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,600 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $805 | $902 |
| 2 Bed Rent | $1,300 | $1,320 |
| 3 Bed Rent | $1,950 | $2,010 |
| 4 Bed Rent | $1,700 | $2,110 |
% of Rental Stock
Property Listings — Forest, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Forest, VA is 59. This is a increase of 8.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $485,000 | -8.0% |
Listing Count | 132 | 22.0% |
| Listings as % of Homes | 0.8% | 22.0% |
Days on Market | 59 | 8.0% |
Demographics — Forest, VA
As of the latest ACS Survey released in 2023, Forest, VA has a population of 27,600, which has increased by 11.0% over the past 5 years. Forest, VA is a moderately popular place for families, as children make up 21.8% of the population. The area has a highly educated workforce, with 46.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,600 | 11.0% |
% Under 18 | 21.8% | -5.6% |
% Seniors | 17.4% | 3.6% |
% WFH | 12.8% | 132.7% |
% w/ College Degree | 46.8% | 1.3% |
As of the latest ACS Survey released in 2023, Forest, VA is a predominantly white area, with 81.0% of the population identifying as white. The white population has shrunk by 4.4% in the last 5 years. The second most common race or ethnicity in Forest, VA is black, making up 8.0% of the population. Foreign-born residents account for 3.2% of the population in Forest, VA, and this percentage has decreased by 52.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 81.0% | -4.4% |
% Black | 8.0% | 35.6% |
% Hispanic | 3.2% | -8.6% |
% Asian | 1.5% | -63.4% |
% Foreign Born | 3.2% | -52.9% |
Mortgage and Risk — Forest, VA
According to HUD data as of 2023, there were 380 mortgage originations in Forest, VA, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Forest, VA. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 380 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Forest, VA
As of 2024, the percent of homes in Forest, VA under the Section 8 program is 0.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Forest, VA, because HUD payments exceed market rent, while 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 8 |
Total Units Section 8 | 8 |
% Rentals under Section 8 | 0.4% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $355 | $805 | $1,160 |
| 2 Bedroom | $10 | $1,300 | $1,310 |
| 3 Bedroom | -$150 | $1,950 | $1,800 |
| 4 Bedroom | $250 | $1,700 | $1,950 |
Affordability — Forest, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $416,000 |
| Median Household Income | $91,100 |