Chatham, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Chatham, 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

Chatham Housing Market Information

With a population of 1,481, 430 total housing units (homes and apartments), and a median house value of $153,494, Chatham real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Chatham, accounting for 86.39% of the town's housing units. Other types of housing that are prevalent in Chatham include large apartment complexes or high rise apartments ( 7.90%), duplexes, homes converted to apartments or other small apartment buildings ( 4.03%), and a few mobile homes or trailers ( 1.68%).

The most prevalent building size and type in Chatham are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 61.60% owning and 38.40% renting.

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. Chatham's housing was primarily built during this period, from the '40s through the '60s. A full 50.59% of the town's housing hails from this era. Other housing ages represented in Chatham include homes built before 1939 ( 37.48%) and housing constructed between 1970-1999 ( 11.60%).

Vacant housing appears to be an issue in Chatham. Fully 27.73% of the housing stock is classified as vacant. Left unchecked, vacant Chatham homes and apartments can be a drag on the real estate market, holding Chatham 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.

Chatham Home Appreciation Rates

Appreciation rates for homes in Chatham have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.40%, which ranks in the top 40% nationwide. This equates to an annual average Chatham house appreciation rate of 0.81%.

Appreciation rates are so strong in Chatham that despite a nationwide downturn in the housing market, Chatham real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chatham appreciation rates continue to be some of the highest in America, at 8.58%, which is higher than appreciation rates in 89.26% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chatham. Chatham appreciation rates in the latest quarter were at -1.60%, which equates to an annual appreciation rate of -6.23%.

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

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

Average Home Values

 

Median Home Value:
$153,494

Chatham, VA HOME PRICES

Value Range
> $1,115,000 4.3
$836,001 - $1,115,000 0.0
$557,001 - $836,000 2.0
$446,001 - $557,000 1.1
$334,001 - $446,000 4.3
$223,001 - $334,000 13.8
$111,001 - $223,000 40.2
$56,001 - $111,000 24.4
$0 - $56,000 9.9

Low for VA
Average for Nation

Value Relative to Nation Value Relative to State
48.5526778389781 63.1578947368421

Number Of Homes And Apartments:
430

Chatham 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
38.11% 1.89% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$756 / per month

Homeownership Rate

Homeownership
Owners 61.60
Renters 38.40
Vacant 27.73

Housing Market Details

 

Age of Homes

AGE OF Chatham HOMES
2000 or Newer 0.3
1970 - 1999 11.6
1940 - 1969 50.6
1939 or Older 37.5

Types of Homes

TYPE OF Chatham HOMES
Single-Family 86.4
Townhomes 0.0
Small Apt. Buildings 4.0
Apt. Complexes 7.9
Mobile Homes 1.7
Other 0.0

Home Size

SIZE OF Chatham HOMES
No Bedroom 1.18
1 Bedroom 7.06
2 Bedrooms 31.60
3 Bedrooms 36.13
4 Bedrooms 17.31
5 or more bedrooms 6.72

Popular Neighborhoods in Chatham

Zip Codes in Chatham, VA