Roanoke, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Roanoke, 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

Roanoke Housing Market Information

With a population of 99,897, 42,239 total housing units (homes and apartments), and a median house value of $138,318, house prices in Roanoke are solidly below the national average.

Single-family detached homes are the single most common housing type in Roanoke, accounting for 65.16% of the city's housing units. Other types of housing that are prevalent in Roanoke include large apartment complexes or high rise apartments ( 19.04%), duplexes, homes converted to apartments or other small apartment buildings ( 11.84%), and a few row houses and other attached homes ( 3.33%).

The most prevalent building size and type in Roanoke are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.56% owning and 47.44% 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. Roanoke's housing was primarily built during this period, from the '40s through the '60s. A full 43.77% of the city's housing hails from this era. Other housing ages represented in Roanoke include homes built between 1970-1999 ( 25.20%) and housing constructed before 1939 ( 24.77%). There's also some housing in Roanoke built between 2000 and later ( 6.27%).

Vacant housing appears to be an issue in Roanoke. Fully 10.74% of the housing stock is classified as vacant. Left unchecked, vacant Roanoke homes and apartments can be a drag on the real estate market, holding Roanoke 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.

Roanoke Home Appreciation Rates

Real estate appreciation rates in Roanoke's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.67% during the period.

Appreciation rates are so strong in Roanoke that despite a nationwide downturn in the housing market, Roanoke real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Roanoke appreciation rates continue to be some of the highest in America, at 6.04%, which is higher than appreciation rates in 74.38% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Roanoke. Roanoke appreciation rates in the latest quarter were at 0.07%, which equates to an annual appreciation rate of 0.28%.

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

Average Home Values

 

Median Home Value:
$138,318

Roanoke, VA HOME PRICES

Value Range
> $1,049,000 0.3
$786,001 - $1,049,000 0.5
$524,001 - $786,000 1.0
$419,001 - $524,000 2.1
$315,001 - $419,000 3.5
$210,001 - $315,000 10.5
$105,001 - $210,000 50.4
$52,001 - $105,000 23.6
$0 - $52,000 8.1

Low for VA
Average for Nation

Value Relative to Nation Value Relative to State
55.5783429040197 68.9750692520776

Number Of Homes And Apartments:
42,239

Roanoke 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
38.45% 1.90% 2 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$974 / per month

Homeownership Rate

Homeownership
Owners 52.56
Renters 47.44
Vacant 10.74

Housing Market Details

 

Age of Homes

AGE OF Roanoke HOMES
2000 or Newer 6.3
1970 - 1999 25.2
1940 - 1969 43.8
1939 or Older 24.8

Types of Homes

TYPE OF Roanoke HOMES
Single-Family 65.2
Townhomes 3.3
Small Apt. Buildings 11.8
Apt. Complexes 19.0
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Roanoke HOMES
No Bedroom 3.12
1 Bedroom 11.47
2 Bedrooms 31.29
3 Bedrooms 37.95
4 Bedrooms 13.22
5 or more bedrooms 2.93