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 99,920 people, 42,037 houses or apartments, and a median cost of homes of $138,402, 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 63.81% of the city's housing units. Other types of housing that are prevalent in Roanoke include large apartment complexes or high rise apartments ( 19.81%), duplexes, homes converted to apartments or other small apartment buildings ( 10.74%), and a few row houses and other attached homes ( 5.08%).
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 50.77% owning and 49.23% 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 43.59% of the city's housing hails from this era. Other housing ages represented in Roanoke include homes built before 1939 ( 25.97%) and housing constructed between 1970-1999 ( 24.01%). There's also some housing in Roanoke built between 2000 and later ( 6.43%).
Vacant housing appears to be an issue in Roanoke. Fully 10.67% 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's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Roanoke during the period has been just 0.53%, which is lower than 80% of US communities.
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 5.52%, which is higher than appreciation rates in 79.02% 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 1.13%, which equates to an annual appreciation rate of 4.61%.
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.
|$832,001 - $1,109,000||0.7|
|$555,001 - $832,000||1.4|
|$444,001 - $555,000||1.8|
|$333,001 - $444,000||4.2|
|$222,001 - $333,000||10.2|
|$111,001 - $222,000||47.5|
|$56,001 - $111,000||26.0|
|$0 - $56,000||7.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
2000 Q1 - 2019 Q4
|* 10 is highest|
|AGE OF Roanoke HOMES|
|2000 or Newer||6.4|
|1970 - 1999||24.0|
|1940 - 1969||43.6|
|1939 or Older||26.0|
|TYPE OF Roanoke HOMES|
|Small Apt. Buildings||10.7|
|SIZE OF Roanoke HOMES|
|5 or more bedrooms||3.21|