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 99,837, 42,333 total housing units (homes and apartments), and a median house value of $135,389, 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 64.11% of the city's housing units. Other types of housing that are prevalent in Roanoke include large apartment complexes or high rise apartments ( 19.69%), duplexes, homes converted to apartments or other small apartment buildings ( 10.97%), and a few row houses and other attached homes ( 4.62%).
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 50.84% owning and 49.16% 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 44.46% of the city's housing hails from this era. Other housing ages represented in Roanoke include homes built before 1939 ( 24.67%) and housing constructed between 1970-1999 ( 24.50%). There's also some housing in Roanoke built between 2000 and later ( 6.38%).
Vacant housing appears to be an issue in Roanoke. Fully 10.09% 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 -0.62%, which is lower than 80% of US communities.
Over the last year, Roanoke appreciation rates have trailed the rest of the nation. In the last twelve months, Roanoke's appreciation rate has been 1.48%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Roanoke were at -0.63%, which equates to an annual appreciation rate of -2.48%.
Notably, Roanoke's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that Roanoke's latest annual appreciation rate is lower than 70% 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.
|$800,001 - $1,067,000||0.5|
|$533,001 - $800,000||1.5|
|$427,001 - $533,000||2.4|
|$320,001 - $427,000||4.8|
|$214,001 - $320,000||11.2|
|$107,001 - $214,000||50.0|
|$54,001 - $107,000||23.5|
|$0 - $54,000||5.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
2000 Q1 - 2019 Q1
|* 10 is highest|
|AGE OF Roanoke HOMES|
|2000 or Newer||6.4|
|1970 - 1999||24.5|
|1940 - 1969||44.5|
|1939 or Older||24.7|
|TYPE OF Roanoke HOMES|
|Small Apt. Buildings||11.0|
|SIZE OF Roanoke HOMES|
|5 or more bedrooms||2.97|