The story of this market
The typical home in ZIP 23898 sells for about $450,000, or $235 per square foot.
Prices are up +5% from a year ago, so sellers still have some momentum. Homes take about 65 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $779 a month.
ZIP 23898 — Carrsville
The 23898 housing market is characterized by low inventory and a reliance on large-lot, single-family homes. Prices have seen steady appreciation, though the market remains quiet with limited sales volume. Buyers are primarily seeking rural lifestyle properties, and the market is currently balanced between stable demand and limited supply.
This ZIP is best suited for buyers seeking rural privacy, large lot sizes, and a slower pace of life, rather than commuters or investors looking for high-density rental yields.
Median prices moved up 5.0% year over year.
Homes spend a median of 65 days on market with 3.5 months of supply — a fast-moving market.
14% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 0.9% · poverty 5.2% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 8.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 23898, Isle of Wight County VA
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Schools serving the area are primarily managed by Isle of Wight County Public Schools, which generally maintain moderate performance ratings.
The area is subject to standard regional flood and wind risks common to rural Tidewater Virginia; property insurance premiums are influenced by these environmental factors.
Economic momentum is driven by agricultural and rural residential development, with proximity to regional employment hubs in Hampton Roads providing limited but steady growth.
Property taxes are assessed by the county based on fair market value; the area is subject to standard Virginia real estate tax structures without significant special district overlays.
Commutes are primarily car-dependent, with residents traveling toward employment centers in Smithfield, Suffolk, or the broader Hampton Roads region via rural state highways.
Recreation is centered on rural outdoor activities, including access to local woodlands and proximity to regional parks and waterways in Isle of Wight County.
The rental market is characterized by low inventory and high turnover, with limited multi-family options and a reliance on single-family home rentals.
The local economy is heavily rooted in agriculture, forestry, and small-scale local services, with many residents commuting to larger industrial and military hubs in the Hampton Roads metro area.
Transportation is entirely reliant on private vehicles, with no public transit infrastructure serving this rural ZIP code.
Development is primarily limited to low-density residential infill and agricultural land use, with no major commercial or infrastructure projects currently reported.
The Isle of Wight County Commissioner of the Revenue oversees assessments, which are conducted periodically to reflect market value changes.
Parcels are subject to standard county-level school and general fund levies; no significant MUD or PID districts are present.
Property insurance costs are stable but sensitive to regional weather patterns, including hurricane and storm-related risks common to the Virginia coastal plain.
Virginia is a non-judicial foreclosure state, allowing for relatively efficient trustee sales following default.
Virginia is a 'caveat emptor' (buyer beware) state, though sellers are required to provide a residential property disclosure statement regarding the condition of the property.
Data retrieved from US Census Bureau ZCTA-level tables.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A unique ecological area known for its rare plant species and conservation value.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.