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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Forest, VA Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Forest, VA Housing Market Trends

With 11,709 people, 4,865 houses or apartments, and a median cost of homes of $462,560, Forest real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Forest, accounting for 61.08% of the town's housing units. Other types of housing that are prevalent in Forest include large apartment complexes or high rise apartments ( 18.92%), row houses and other attached homes ( 13.15%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.76%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Forest. Owner-occupied housing accounts for 75.38% of Forest's homes, and 70.65% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Forest 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 Forest built between 2000 and later ( 34.00%). A lesser amount of the housing stock also hails from between 1940-1969 ( 2.48%).

Forest Home Appreciation Rates

Forest's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Forest during the period has been just 5.25%, which is lower than 70% of US communities.

Appreciation rates are so strong in Forest that despite a nationwide downturn in the housing market, Forest real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Forest appreciation rates continue to be some of the highest in America, at 8.38%, which is higher than appreciation rates in 88.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Forest. Forest appreciation rates in the latest quarter were at -0.20%, which equates to an annual appreciation rate of -0.78%.

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

Average Home Values

Median Home Value

$462,560

Forest, VA Home Prices
> $1,354,000
$1,016,001 - $1,354,000
$677,001 - $1,016,000
$542,001 - $677,000
$406,001 - $542,000
$271,001 - $406,000
$136,001 - $271,000
$68,001 - $136,000
$0 - $68,000
1.4%
1.4%
0.2%
0.2%
8.7%
8.7%
8.4%
8.4%
36.0%
36.0%
28.0%
28.0%
15.8%
15.8%
0.0%
0.0%
1.5%
1.5%
0% 100.0%
% of Homes
High

for Virginia

Very High

for nation

Number of Homes And Apartments:

4,865

Forest Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,038 / per month

Homeownership Rate

Owners
Renters
75.4%
75.4%
24.6%
24.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.0%
2.0%
98.0%
98.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
34.0%
34.0%
63.5%
63.5%
2.5%
2.5%
0.0%
0.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.1%
61.1%
13.2%
13.2%
5.8%
5.8%
18.9%
18.9%
1.1%
1.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.8%
0.8%
5.1%
5.1%
15.5%
15.5%
45.9%
45.9%
24.7%
24.7%
7.9%
7.9%
0% 100.0%
% of Homes