Amherst, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Amherst, VA Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Amherst Housing Market Information

With a population of 2,210, 877 total housing units (homes and apartments), and a median house value of $194,558, Amherst real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Amherst, accounting for 71.81% of the town's housing units. Other types of housing that are prevalent in Amherst include duplexes, homes converted to apartments or other small apartment buildings ( 11.35%), row houses and other attached homes ( 7.47%), and a few large apartment complexes or high rise apartments ( 4.68%).

The most prevalent building size and type in Amherst are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.54% owning and 37.46% renting.

There is a lot of housing in Amherst 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 Amherst built between 1940-1969 ( 29.08%). A lesser amount of the housing stock also hails from before 1939 ( 10.96%). There's also some housing in Amherst built between 2000 and later ( 8.07%).

Vacant housing appears to be an issue in Amherst. Fully 12.65% of the housing stock is classified as vacant. Left unchecked, vacant Amherst homes and apartments can be a drag on the real estate market, holding Amherst 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.

Amherst Home Appreciation Rates

Real estate appreciation rates in Amherst's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.40% during the period.

Over the last year, Amherst appreciation rates have trailed the rest of the nation. In the last twelve months, Amherst's appreciation rate has been 2.80%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Amherst were at 0.50%, which equates to an annual appreciation rate of 2.02%.

Relative to Virginia, our data show that Amherst's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$194,558

Amherst, VA HOME PRICES

Value Range
> $1,030,000 0.0
$773,001 - $1,030,000 1.0
$515,001 - $773,000 1.9
$412,001 - $515,000 7.0
$309,001 - $412,000 9.5
$206,001 - $309,000 18.9
$103,001 - $206,000 45.6
$52,001 - $103,000 13.7
$0 - $52,000 2.5

Average for VA
High for Nation

Value Relative to Nation Value Relative to State
33.5901793038791 48.3379501385042

Number Of Homes And Apartments:
877

Amherst Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
36.84% 1.83% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$810 / per month

Homeownership Rate

Homeownership
Owners 62.54
Renters 37.46
Vacant 12.65

Housing Market Details

 

Age of Homes

AGE OF Amherst HOMES
2000 or Newer 8.1
1970 - 1999 51.9
1940 - 1969 29.1
1939 or Older 11.0

Types of Homes

TYPE OF Amherst HOMES
Single-Family 71.8
Townhomes 7.5
Small Apt. Buildings 11.4
Apt. Complexes 4.7
Mobile Homes 3.5
Other 1.2

Home Size

SIZE OF Amherst HOMES
No Bedroom 1.20
1 Bedroom 8.96
2 Bedrooms 24.90
3 Bedrooms 46.71
4 Bedrooms 15.04
5 or more bedrooms 3.19

Popular Communities Near Amherst, VA

Zip Codes in Amherst, VA