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 1,633 people, 855 houses or apartments, and a median cost of homes of $202,670, house prices in Chilhowie are solidly below the national average.
Single-family detached homes are the single most common housing type in Chilhowie, accounting for 75.03% of the town's housing units. Other types of housing that are prevalent in Chilhowie include duplexes, homes converted to apartments or other small apartment buildings ( 11.85%), mobile homes or trailers ( 7.30%), and a few large apartment complexes or high rise apartments ( 4.23%).
The most prevalent building size and type in Chilhowie are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 54.13% owning and 45.87% renting.
There is a lot of housing in Chilhowie 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 Chilhowie built between 1940-1969 ( 36.51%). A lesser amount of the housing stock also hails from before 1939 ( 12.38%). There's also some housing in Chilhowie built between 2000 and later ( 11.01%).
Chilhowie's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Chilhowie during the period has been just 4.67%, which is lower than 80% of US communities.
Appreciation rates are so strong in Chilhowie that despite a nationwide downturn in the housing market, Chilhowie real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chilhowie appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.07% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chilhowie. Chilhowie appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.
Importantly, this makes Chilhowie 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 Chilhowie's latest annual appreciation rate is higher than 50% of the other cities and towns in Virginia.
$202,670
for Virginia
for nation
855
$1,368 / per month