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 a population of 2,056, 1,036 total housing units (homes and apartments), and a median house value of $144,367, house prices in Chase City 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 Chase City, accounting for 88.67% of the town's housing units. Other types of housing that are prevalent in Chase City include duplexes, homes converted to apartments or other small apartment buildings ( 5.60%), mobile homes or trailers ( 2.87%), and a few large apartment complexes or high rise apartments ( 2.53%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Chase City. Owner-occupied housing accounts for 73.07% of Chase City's homes, and 54.27% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Chase City's housing was primarily built during this period, from the '40s through the '60s. A full 58.09% of the town's housing hails from this era. Other housing ages represented in Chase City include homes built between 1970-1999 ( 22.25%) and housing constructed before 1939 ( 15.36%). There's also some housing in Chase City built between 2000 and later ( 4.30%).
Vacant housing appears to be an issue in Chase City. Fully 29.28% of the housing stock is classified as vacant. Left unchecked, vacant Chase City homes and apartments can be a drag on the real estate market, holding Chase City 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.
Appreciation rates for homes in Chase City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 82.05%, which ranks in the top 50% nationwide. This equates to an annual average Chase City house appreciation rate of 6.17%.
Appreciation rates are so strong in Chase City that despite a nationwide downturn in the housing market, Chase City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chase City appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chase City. Chase City appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.
Importantly, this makes Chase City 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 Chase City's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.
$144,367
for Virginia
for nation
1,036
$1,227 / per month