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 849 people, 358 houses or apartments, and a median cost of homes of $140,020, house prices in Grundy 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 Grundy, accounting for 82.58% of the town's housing units. Other types of housing that are prevalent in Grundy include large apartment complexes or high rise apartments ( 7.47%), duplexes, homes converted to apartments or other small apartment buildings ( 5.88%), and a few mobile homes or trailers ( 3.62%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grundy. Owner-occupied housing accounts for 70.09% of Grundy's homes, and 63.57% have either three or four bedrooms, which is average sized relative to America.
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. Grundy's housing was primarily built during this period, from the '40s through the '60s. A full 57.24% of the town's housing hails from this era. Other housing ages represented in Grundy include homes built between 1970-1999 ( 26.47%) and housing constructed between 2000 and later ( 11.76%). There's also some housing in Grundy built before 1939 ( 4.52%).
Vacant housing appears to be an issue in Grundy. Fully 19.00% of the housing stock is classified as vacant. Left unchecked, vacant Grundy homes and apartments can be a drag on the real estate market, holding Grundy 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.
Appreciation rates for homes in Grundy have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.33%, which ranks in the top 40% nationwide. This equates to an annual average Grundy house appreciation rate of 6.87%.
Appreciation rates are so strong in Grundy that despite a nationwide downturn in the housing market, Grundy real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grundy appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 80.72% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Grundy. Grundy appreciation rates in the latest quarter were at 2.42%, which equates to an annual appreciation rate of 10.04%.
Importantly, this makes Grundy 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 Grundy's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.
$140,020
for Virginia
for nation
358
$1,048 / per month