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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.



Galax, 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

Galax, VA Housing Market Trends

With 6,730 people, 2,618 houses or apartments, and a median cost of homes of $152,967, house prices in Galax 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 Galax, accounting for 74.88% of the city's housing units. Other types of housing that are prevalent in Galax include mobile homes or trailers ( 8.24%), duplexes, homes converted to apartments or other small apartment buildings ( 8.08%), and a few large apartment complexes or high rise apartments ( 8.02%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Galax. Owner-occupied housing accounts for 66.97% of Galax's homes, and 58.66% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Galax 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 Galax built between 1940-1969 ( 37.68%). A lesser amount of the housing stock also hails from before 1939 ( 13.13%). There's also some housing in Galax built between 2000 and later ( 9.59%).

Vacant housing appears to be an issue in Galax. Fully 17.39% of the housing stock is classified as vacant. Left unchecked, vacant Galax homes and apartments can be a drag on the real estate market, holding Galax 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.

Galax Home Appreciation Rates

Galax's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Galax during the period has been just 4.65%, which is lower than 80% of US communities.

Appreciation rates are so strong in Galax that despite a nationwide downturn in the housing market, Galax real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Galax appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Galax. Galax appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.

Importantly, this makes Galax 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 Galax's latest annual appreciation rate is higher than 60% 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 city. Individual neighborhoods within Galax differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Galax - 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 Galax real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$152,967

Galax, VA Home Prices
> $1,272,000
$954,001 - $1,272,000
$636,001 - $954,000
$509,001 - $636,000
$381,001 - $509,000
$254,001 - $381,000
$127,001 - $254,000
$64,001 - $127,000
$0 - $64,000
0.1%
0.1%
0.0%
0.0%
2.8%
2.8%
0.7%
0.7%
3.9%
3.9%
12.3%
12.3%
31.7%
31.7%
33.8%
33.8%
14.6%
14.6%
0% 100.0%
% of Homes
Very Low

for Virginia

Very Low

for nation

Number of Homes And Apartments:

2,618

Galax Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,108 / per month

Homeownership Rate

Owners
Renters
67.0%
67.0%
33.0%
33.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.4%
17.4%
82.6%
82.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.6%
9.6%
39.6%
39.6%
37.7%
37.7%
13.1%
13.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
74.9%
74.9%
0.8%
0.8%
8.1%
8.1%
8.0%
8.0%
8.2%
8.2%
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
1.8%
1.8%
8.0%
8.0%
28.4%
28.4%
42.8%
42.8%
15.9%
15.9%
3.2%
3.2%
0% 100.0%
% of Homes