Chester, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Chester, 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

Chester Housing Market Information

With a population of 22,066, 8,067 total housing units (homes and apartments), and a median house value of $226,525, Chester real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Chester, accounting for 70.70% of the town's housing units. Other types of housing that are prevalent in Chester include large apartment complexes or high rise apartments ( 13.40%), mobile homes or trailers ( 7.30%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.88%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Chester. Owner-occupied housing accounts for 68.00% of Chester's homes, and 69.14% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Chester 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 Chester built between 2000 and later ( 23.49%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.66%). There's also some housing in Chester built before 1939 ( 3.08%).

Chester Home Appreciation Rates

Chester's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Chester during the period has been just -1.22%, which is lower than 70% of US communities.

Appreciation rates are so strong in Chester that despite a nationwide downturn in the housing market, Chester real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chester appreciation rates continue to be some of the highest in America, at 6.78%, which is higher than appreciation rates in 79.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chester. Chester appreciation rates in the latest quarter were at 1.35%, which equates to an annual appreciation rate of 5.51%.

Relative to Virginia, our data show that Chester's latest annual appreciation rate is higher 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 Chester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chester - 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 Chester real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$226,525

Chester, VA HOME PRICES

Value Range
> $1,111,000 0.6
$833,001 - $1,111,000 0.2
$556,001 - $833,000 0.8
$445,001 - $556,000 0.5
$333,001 - $445,000 8.2
$222,001 - $333,000 46.3
$111,001 - $222,000 37.9
$56,001 - $111,000 1.3
$0 - $56,000 4.2

High for VA
High for Nation

Value Relative to Nation Value Relative to State
26.4971287940935 35.7340720221607

Number Of Homes And Apartments:
8,067

Chester 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
48.41% 2.32% 5 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,483 / per month

Homeownership Rate

Homeownership
Owners 68.00
Renters 32.00
Vacant 4.72

Housing Market Details

 

Age of Homes

AGE OF Chester HOMES
2000 or Newer 23.5
1970 - 1999 59.8
1940 - 1969 13.7
1939 or Older 3.1

Types of Homes

TYPE OF Chester HOMES
Single-Family 70.7
Townhomes 3.7
Small Apt. Buildings 4.9
Apt. Complexes 13.4
Mobile Homes 7.3
Other 0.0

Home Size

SIZE OF Chester HOMES
No Bedroom 0.57
1 Bedroom 3.74
2 Bedrooms 20.31
3 Bedrooms 43.45
4 Bedrooms 25.69
5 or more bedrooms 6.24