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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Blacksburg, VA Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Blacksburg, VA Housing Market Trends

With a population of 45,610, 13,318 total housing units (homes and apartments), and a median house value of $499,589, Blacksburg real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Blacksburg, accounting for 46.30% of the town's housing units. Other types of housing that are prevalent in Blacksburg include single-family detached homes ( 35.17%), duplexes, homes converted to apartments or other small apartment buildings ( 10.71%), and a few row houses and other attached homes ( 5.60%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.

Renters dominate Blacksburg's housing market, and most live in three of four bedroom dwellings.

There is a lot of housing in Blacksburg 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 Blacksburg built between 2000 and later ( 26.07%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.27%). There's also some housing in Blacksburg built before 1939 ( 3.87%).

Vacant housing appears to be an issue in Blacksburg. Fully 18.09% of the housing stock is classified as vacant. Left unchecked, vacant Blacksburg homes and apartments can be a drag on the real estate market, holding Blacksburg 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.

Blacksburg Home Appreciation Rates

Blacksburg's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Blacksburg during the period has been just 4.78%, which is lower than 80% of US communities.

Over the last year, Blacksburg appreciation rates have trailed the rest of the nation. In the last twelve months, Blacksburg's appreciation rate has been 2.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Blacksburg were at -6.55%, which equates to an annual appreciation rate of -23.72%.

Notably, Blacksburg's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Blacksburg's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Blacksburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Blacksburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Blacksburg real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$499,589

Blacksburg, VA Home Prices
> $1,216,000
$912,001 - $1,216,000
$608,001 - $912,000
$486,001 - $608,000
$365,001 - $486,000
$243,001 - $365,000
$122,001 - $243,000
$61,001 - $122,000
$0 - $61,000
0.9%
0.9%
3.4%
3.4%
20.1%
20.1%
25.1%
25.1%
25.8%
25.8%
18.0%
18.0%
4.8%
4.8%
0.2%
0.2%
1.7%
1.7%
0% 100.0%
% of Homes
Very High

for Virginia

Very High

for nation

Number of Homes And Apartments:

13,318

Blacksburg Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,050 / per month

Homeownership Rate

Owners
Renters
25.9%
25.9%
74.1%
74.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
18.1%
18.1%
81.9%
81.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
26.1%
26.1%
51.8%
51.8%
18.3%
18.3%
3.9%
3.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
35.2%
35.2%
5.6%
5.6%
10.7%
10.7%
46.3%
46.3%
2.2%
2.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.1%
2.1%
10.8%
10.8%
28.0%
28.0%
29.3%
29.3%
23.3%
23.3%
6.5%
6.5%
0% 100.0%
% of Homes