Hopewell, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Hopewell Neighborhoods Since 2000




Hopewell, 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

Hopewell Housing Market Information

With 22,378 people, 8,706 houses or apartments, and a median cost of homes of $133,873, house prices in Hopewell are solidly below the national average.

Single-family detached homes are the single most common housing type in Hopewell, accounting for 70.47% of the city's housing units. Other types of housing that are prevalent in Hopewell include large apartment complexes or high rise apartments ( 16.76%), duplexes, homes converted to apartments or other small apartment buildings ( 7.37%), and a few row houses and other attached homes ( 4.78%).

The most prevalent building size and type in Hopewell are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.78% owning and 49.22% 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. Hopewell's housing was primarily built during this period, from the '40s through the '60s. A full 47.63% of the city's housing hails from this era. Other housing ages represented in Hopewell include homes built between 1970-1999 ( 38.89%) and housing constructed before 1939 ( 7.05%). There's also some housing in Hopewell built between 2000 and later ( 6.43%).

Vacant housing appears to be an issue in Hopewell. Fully 14.84% of the housing stock is classified as vacant. Left unchecked, vacant Hopewell homes and apartments can be a drag on the real estate market, holding Hopewell 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.

Hopewell Home Appreciation Rates

Homes have actually lost value in Hopewell over the last then years, as home values have seen a decline of 19.31% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Hopewell home appreciation rates at 1.35%, which equates to an annual appreciation rate of 5.51%.

NeighborhoodScout's data show that during the latest twelve months, Hopewell's appreciation rate, at 4.93%, has been at or slightly above the national average. In the latest quarter, Hopewell's appreciation rate has been 1.35%, which annualizes to a rate of 5.51%.

Relative to Virginia, our data show that Hopewell's latest annual appreciation rate is higher than 80% 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 Hopewell differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Hopewell - 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 Hopewell real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$133,873

Hopewell, VA HOME PRICES

Value Range
> $1,028,000 0.6
$771,001 - $1,028,000 0.0
$514,001 - $771,000 3.3
$411,001 - $514,000 0.3
$309,001 - $411,000 2.8
$205,001 - $309,000 6.1
$103,001 - $205,000 52.2
$52,001 - $103,000 31.2
$0 - $52,000 3.5

Low for VA
Average for Nation

Value Relative to Nation Value Relative to State
57.7053791163717 71.4681440443213

Number Of Homes And Apartments:
8,706

Hopewell 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
29.52% 1.51% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,105 / per month

Homeownership Rate

Homeownership
Owners 50.78
Renters 49.22
Vacant 14.84

Housing Market Details

 

Age of Homes

AGE OF Hopewell HOMES
2000 or Newer 6.4
1970 - 1999 38.9
1940 - 1969 47.6
1939 or Older 7.1

Types of Homes

TYPE OF Hopewell HOMES
Single-Family 70.5
Townhomes 4.8
Small Apt. Buildings 7.4
Apt. Complexes 16.8
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Hopewell HOMES
No Bedroom 2.39
1 Bedroom 7.04
2 Bedrooms 30.18
3 Bedrooms 44.93
4 Bedrooms 13.20
5 or more bedrooms 2.27