24445 Real Estate: Three Different Markets Inside One Hot Springs, Virginia ZIP Code

What the 24445 ZIP Code Actually Covers

24445 is not the same thing as the town of Hot Springs. The ZIP code reaches well into unincorporated Bath County, and a single MLS feed for the area lists a 780-acre tract on Coles Mountain Road and a 3-bedroom house on Jackson River Road in the same result set, at opposite ends of both price and driving distance from the resort entrance, according to Zillow’s 24445 listing feed. Some active listings sit a five-minute walk from the Homestead’s front doors. Others sit 20 to 30 minutes away on gravel roads.

Is 24445 the town of Hot Springs, or a wider area? The ZIP code covers the village of Hot Springs plus a large stretch of surrounding rural Bath County. A property with a Hot Springs, VA 24445 mailing address can be a five-minute walk from the Omni Homestead Resort or a 30-minute drive into the countryside; the address alone does not indicate which.

The Market in Three Price Segments

A single median price for 24445 is close to meaningless, because the ZIP contains three markets that don’t overlap. Listings currently on the market illustrate each one clearly.

Recent listings anchor each row: an 8321 Jackson River Road house at $150,000 and a 96 Paul Siple Drive house at $79,900 sit in the in-town segment; a $124,900 building lot on Shepherds Trail and a $225,000 lot on Quarry Hill Drive, both inside the Preserve with underground utilities already in place, sit in the HOA segment; a 20.45-acre parcel at $139,900 and a 780-acre tract at $3,995,000 on Coles Mountain Road sit in the outlying-land segment.

Why don’t listing sites agree on the median price for 24445? Because they blend all three segments into one figure. Movoto’s own snapshots of this ZIP, taken weeks apart, have shown medians ranging from roughly $1.25 million to $1.59 million, depending on which mix of land, Preserve estates, and modest in-town houses happened to be active when each snapshot was pulled. None of the widely quoted single medians for this ZIP should be treated as a stable number.

Land and Acreage: A Market of Its Own

Roughly half of the active inventory in 24445 at any given time is undeveloped land, not a finished house, and it needs its own comparison logic: price per acre and utility status, not beds and baths.

Source: Zillow land and lot listings for Hot Springs, VA and the 24445 listing feed.

Inside the Preserve, price per acre runs roughly $95,000 to $130,000 because the HOA has already installed underground utilities and the lot is entitled for construction under the community’s architectural guidelines. Outside the Preserve, price per acre drops to roughly $1,600 to $6,800 once a tract crosses 20 acres, because the buyer is purchasing raw, unimproved land instead of a build-ready site.

Homestead Preserve: What HOA Membership Costs

The Homestead Preserve is a 4,000-acre HOA community spanning four neighborhoods, Sheep Meadow, Delafield Rise, Warm Springs Farm, and the Old Dairy, with 288 homesites total and a documented median sale price of $475,000 for a finished single-family home. Two dated lot listings from the same brokerage give a concrete read on annual dues: a Delafield Rise lot listed in 2023 carried Preserve HOA dues of $2,660 that year; a Sheep Meadow lot showed 2022 dues of $2,534. Dues in that $2,500 to $2,700 range buy access to the Old Dairy amenity complex (pool, fitness center, spa) and optional membership to the Omni Homestead’s golf and tennis club, which is priced and joined separately from the HOA.

Every lot inside the Preserve is also subject to architectural review and the community’s design guidelines, a real cost and timeline factor that a bare acreage comparison won’t show. A buyer comparing a $139,900, 20-acre rural parcel to a $124,900, 1.32-acre Preserve lot is not comparing similar products: one is raw land with no design constraints, the other is a smaller, utility-ready site with an annual carrying cost and a design-review process attached.

Why do lots inside Homestead Preserve cost more per acre than similar acreage outside it? Preserve lots come with underground utilities already installed, deeded access to the Old Dairy amenity complex, and walking or ski-out distance to the Omni Homestead Resort. Outlying rural land carries none of those, so it prices by raw acreage instead.

Buying for Vacation-Rental Income

Several 24445 listings are marketed with their own trailing rental-income figures rather than a generic investment-opportunity line. One Sheep Meadow property inside the Preserve, currently used as a second home and vacation rental, is listed with a documented gross income of $88,500 a year since 2020, reaching $105,000 in 2021. This single example is not a market average; it is a rare instance of an actual booked-income figure attached to one specific 24445 property.

Virginia sets no statewide short-term-rental license. Under Code of Virginia § 15.2-983, counties may adopt a rental registry; they are not required to. No Bath County-specific short-term-rental ordinance turned up in this research. Confirm current local rules and any Preserve HOA rental restrictions directly with the county and the HOA before assuming a property can be rented.

Can a property in 24445 realistically generate vacation-rental income? At least one documented example shows $88,500 to $105,000 in annual gross rental income from a single Sheep Meadow property between 2020 and 2021. That figure is specific to one home near the resort; it says nothing about occupancy on a rural parcel 25 minutes away, and it predates any rule changes since 2021.

Which Segment Fits Your Goal

The three buyer types rarely compete for the same listing: someone comparing a Preserve lot against raw acreage 25 minutes from town is usually solving two different problems, not choosing between two prices for the same thing.

Current Listings Snapshot

• 8321 Jackson River Road – $150,000, 3 bed / 2 bath, 1,686 sq ft, in-town
• 96 Paul Siple Drive – $79,900, 3 bed / 2 bath, 816 sq ft, in-town
• 65 Cubbley Road – $399,000, 3 bed / 3 bath, 1,892 sq ft, in-town
• 411 Elwood Drive – $495,000, 5 bed / 4 bath, 4,343 sq ft, in-town
• Shepherds Trail, Lot – $124,900, 1.32 acres, Homestead Preserve, utility-ready
• Quarry Hill Drive, Lot – $225,000, 1.71 acres, Homestead Preserve, utility-ready
• Coles Mountain Road – $3,995,000, 780 acres, outlying rural land

Listing data: Zillow 24445 listings and Zillow land listings. Every row above lands inside one of the three segments described above, not in the gap between them, which is exactly why the ZIP’s blended statistics undersell how split this inventory really is.

How This Market Has Been Moving

24445 is a low-transaction market. Bath County’s entire population was 4,209 at the 2020 Census, and Accommodation and Food Services is its largest single employment sector, a tourism economy built almost entirely around one resort. In a market this small, a handful of closings in either direction swings a monthly percentage figure hard, so month-over-month statistics from any source should be read as directional, not precise.