Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 2,914 people, 1,397 houses or apartments, and a median cost of homes of $130,572, house prices in Wise are some of the most affordable in Virginia as well as the nation.
Single-family detached homes are the single most common housing type in Wise, accounting for 57.32% of the town's housing units. Other types of housing that are prevalent in Wise include large apartment complexes or high rise apartments ( 18.81%), mobile homes or trailers ( 17.93%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.67%).
The most prevalent building size and type in Wise are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 57.01% owning and 42.99% renting.
There is a lot of housing in Wise built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wise built between 1940-1969 ( 30.56%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.34%). There's also some housing in Wise built before 1939 ( 6.31%).
Vacant housing appears to be an issue in Wise. Fully 11.81% of the housing stock is classified as vacant. Left unchecked, vacant Wise homes and apartments can be a drag on the real estate market, holding Wise real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Wise, where house values have increased just 37.85%, which is annualized rate of 3.26%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Wise that despite a nationwide downturn in the housing market, Wise real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wise appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wise. Wise appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.
Importantly, this makes Wise one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Virginia, our data show that Wise's latest annual appreciation rate is higher than 70% of the other cities and towns in Virginia.
$130,572
for Virginia
for nation
1,397
$1,205 / per month