Luray, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Luray, VA Real Estate Data


Luray Housing Market Information

With a population of 4,828, 1,999 total housing units (homes and apartments), and a median house value of $197,263, Luray real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Luray, accounting for 75.81% of the town's housing units. Other types of housing that are prevalent in Luray include large apartment complexes or high rise apartments ( 7.66%), row houses and other attached homes ( 7.09%), and a few mobile homes or trailers ( 4.86%).

The most prevalent building size and type in Luray are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 59.22% owning and 40.78% renting.

There is a lot of housing in Luray 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 Luray built between 1940-1969 ( 30.66%). A lesser amount of the housing stock also hails from before 1939 ( 16.84%). There's also some housing in Luray built between 2000 and later ( 7.83%).

Vacant housing appears to be an issue in Luray. Fully 12.55% of the housing stock is classified as vacant. Left unchecked, vacant Luray homes and apartments can be a drag on the real estate market, holding Luray 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.

Luray Home Appreciation Rates

Luray's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Luray during the period has been just -1.36%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Luray's appreciation rate, at 4.40%, has been at or slightly above the national average. In the latest quarter, Luray's appreciation rate has been 1.96%, which annualizes to a rate of 8.06%.

Relative to Virginia, our data show that Luray's latest annual appreciation rate is higher than 60% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$197,263

Luray, VA HOME PRICES

Value Range
> $1,024,000 0.8
$767,001 - $1,024,000 0.0
$511,001 - $767,000 4.0
$410,001 - $511,000 3.6
$307,001 - $410,000 8.6
$204,001 - $307,000 29.9
$103,001 - $204,000 37.7
$51,001 - $103,000 9.1
$0 - $51,000 6.4

Average for VA
High for Nation

Value Relative to Nation Value Relative to State
33.8701177021725 48.1994459833795

Number Of Homes And Apartments:
1,999

Rent & Ownership

 

Average Market Rent:
$826 / per month

Homeownership Rate

Homeownership
Owners 59.22
Renters 40.78
Vacant 12.55

Housing Market Details

 

Age of Homes

AGE OF Luray HOMES
2000 or Newer 7.8
1970 - 1999 44.7
1940 - 1969 30.7
1939 or Older 16.8

Types of Homes

TYPE OF Luray HOMES
Single-Family 75.8
Townhomes 7.1
Small Apt. Buildings 4.6
Apt. Complexes 7.7
Mobile Homes 4.9
Other 0.0

Home Size

SIZE OF Luray HOMES
No Bedroom 0.48
1 Bedroom 8.05
2 Bedrooms 26.33
3 Bedrooms 48.99
4 Bedrooms 12.20
5 or more bedrooms 3.94

Luray Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
59.22% 2.77% 6 7
* 10 is highest