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 5,481 people, 2,245 houses or apartments, and a median cost of homes of $140,595, house prices in Emporia 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 Emporia, accounting for 78.22% of the city's housing units. Other types of housing that are prevalent in Emporia include duplexes, homes converted to apartments or other small apartment buildings ( 11.35%), large apartment complexes or high rise apartments ( 8.51%), and a few mobile homes or trailers ( 1.92%).
The most prevalent building size and type in Emporia are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 38.40% owning and 61.60% 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. Emporia's housing was primarily built during this period, from the '40s through the '60s. A full 42.14% of the city's housing hails from this era. Other housing ages represented in Emporia include homes built between 1970-1999 ( 30.93%) and housing constructed before 1939 ( 16.33%). There's also some housing in Emporia built between 2000 and later ( 10.61%).
Vacant housing appears to be an issue in Emporia. Fully 20.11% of the housing stock is classified as vacant. Left unchecked, vacant Emporia homes and apartments can be a drag on the real estate market, holding Emporia 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Emporia, where house values have increased just 27.23%, which is annualized rate of 2.44%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Appreciation rates are so strong in Emporia that despite a nationwide downturn in the housing market, Emporia real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Emporia appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.30% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Emporia. Emporia appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.
Importantly, this makes Emporia one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Virginia, our data show that Emporia's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.
$140,595
for Virginia
for nation
2,245
$1,592 / per month