Why Is It So Expensive?
The staggering cost of living in Great Falls, where the median home sale price soars past $1.6 million, is driven by a powerful combination of location, space, and wealth.
- Proximity to Power: Great Falls is a prime bedroom community for Washington, D.C. It offers a quiet, scenic escape just minutes from the nation’s capital, making it a hotspot for high-powered executives, lobbyists, politicians, and entrepreneurs.
- Sprawling Estates: Unlike the denser suburbs of Arlington or Alexandria, Great Falls is defined by its sprawling, multi-acre lots. The real estate market is dominated by large, custom-built mansions and private estates, which drives the average home price up significantly.
- Concentrated Wealth: The community has the highest median household income in Virginia, with averages often exceeding $238,000 per year. This concentration of high-earning residents supports the area’s ultra-luxury market.
- Natural Beauty: The town is named for the stunning Great Falls Park on the Potomac River. This “horse and wine country” atmosphere, combined with its upscale amenities, creates a serene, resort-like environment.
The Richest Region: Northern Virginia
It’s no surprise that Great Falls is located in the wealthiest part of the state. The entire Northern Virginia (NoVA) region is a hub of affluence, thanks to its robust economy based on government contracting, technology, and defense.
- Wealthiest Counties: Loudoun County (where part of Great Falls is located) and Fairfax County (where the majority is) are in a constant battle for the title of the wealthiest county in the United States, both boasting median household incomes well over $145,000.
- Other Expensive Towns: Great Falls is surrounded by other high-cost communities. McLean, its neighbor, is a very close second in expense and prestige, followed by other affluent towns like Vienna, Wolf Trap, and Arlington.
Virginia’s Wealthiest Enclave…