Galax, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Galax Neighborhoods Since 2000




Galax, 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

Galax Housing Market Information

With a population of 6,914, 2,961 total housing units (homes and apartments), and a median house value of $98,976, house prices in Galax are solidly below the national average.

Single-family detached homes are the single most common housing type in Galax, accounting for 66.65% of the city's housing units. Other types of housing that are prevalent in Galax include large apartment complexes or high rise apartments ( 15.57%), duplexes, homes converted to apartments or other small apartment buildings ( 8.59%), and a few mobile homes or trailers ( 8.08%).

The most prevalent building size and type in Galax are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 56.14% owning and 43.86% renting.

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 ( 41.95%). A lesser amount of the housing stock also hails from before 1939 ( 6.40%). There's also some housing in Galax built between 2000 and later ( 5.52%).

Vacant housing appears to be an issue in Galax. Fully 15.74% 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 -1.22%, which is lower than 70% of US communities.

Over the last year, Galax appreciation rates have trailed the rest of the nation. In the last twelve months, Galax's appreciation rate has been -3.47%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Galax were at -1.60%, which equates to an annual appreciation rate of -6.23%.

Notably, Galax's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Galax's latest annual appreciation rate is lower 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 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:
$98,976

Galax, VA HOME PRICES

Value Range
> $971,000 0.0
$728,001 - $971,000 0.0
$485,001 - $728,000 0.4
$388,001 - $485,000 3.5
$291,001 - $388,000 0.4
$194,001 - $291,000 4.4
$97,001 - $194,000 41.5
$49,001 - $97,000 26.8
$0 - $49,000 23.0

Very Low for VA
Low for Nation

Value Relative to Nation Value Relative to State
78.2374311496543 87.2576177285319

Number Of Homes And Apartments:
2,961

Galax 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
18.92% 1.01% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$638 / per month

Homeownership Rate

Homeownership
Owners 56.14
Renters 43.86
Vacant 15.74

Housing Market Details

 

Age of Homes

AGE OF Galax HOMES
2000 or Newer 5.5
1970 - 1999 46.1
1940 - 1969 41.9
1939 or Older 6.4

Types of Homes

TYPE OF Galax HOMES
Single-Family 66.6
Townhomes 1.1
Small Apt. Buildings 8.6
Apt. Complexes 15.6
Mobile Homes 8.1
Other 0.0

Home Size

SIZE OF Galax HOMES
No Bedroom 0.97
1 Bedroom 14.20
2 Bedrooms 29.25
3 Bedrooms 41.21
4 Bedrooms 10.67
5 or more bedrooms 3.70