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
With a population of 5,957, 2,518 total housing units (homes and apartments), and a median house value of $89,764, house prices in Marion 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 Marion, accounting for 68.85% of the town's housing units. Other types of housing that are prevalent in Marion include large apartment complexes or high rise apartments ( 15.06%), duplexes, homes converted to apartments or other small apartment buildings ( 13.12%), and a few mobile homes or trailers ( 2.11%).
The most prevalent building size and type in Marion are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 47.35% owning and 52.65% 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. Marion's housing was primarily built during this period, from the '40s through the '60s. A full 52.08% of the town's housing hails from this era. Other housing ages represented in Marion include homes built between 1970-1999 ( 34.70%) and housing constructed before 1939 ( 13.02%).
Vacant housing appears to be an issue in Marion. Fully 14.18% of the housing stock is classified as vacant. Left unchecked, vacant Marion homes and apartments can be a drag on the real estate market, holding Marion 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.
Marion's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Marion during the period has been just -1.32%, which is lower than 70% of US communities.
Over the last year, Marion appreciation rates have trailed the rest of the nation. In the last twelve months, Marion's appreciation rate has been -5.46%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Marion were at -1.60%, which equates to an annual appreciation rate of -6.23%.
Notably, Marion's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that Marion's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.
|$699,001 - $932,000||0.0|
|$466,001 - $699,000||2.7|
|$373,001 - $466,000||0.0|
|$280,001 - $373,000||4.4|
|$186,001 - $280,000||6.4|
|$93,001 - $186,000||26.0|
|$47,001 - $93,000||44.3|
|$0 - $47,000||15.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Marion HOMES|
|2000 or Newer||0.2|
|1970 - 1999||34.7|
|1940 - 1969||52.1|
|1939 or Older||13.0|
|TYPE OF Marion HOMES|
|Small Apt. Buildings||13.1|
|SIZE OF Marion HOMES|
|5 or more bedrooms||3.24|