Wise, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Wise Neighborhoods Since 2000




Wise, 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

Wise Housing Market Information

With a population of 3,119, 1,410 total housing units (homes and apartments), and a median house value of $96,084, house prices in Wise 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 Wise, accounting for 60.31% of the town's housing units. Other types of housing that are prevalent in Wise include mobile homes or trailers ( 28.10%), large apartment complexes or high rise apartments ( 5.64%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.40%).

The most prevalent building size and type in Wise are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.40% owning and 36.60% renting.

There is a lot of housing in Wise 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 Wise built between 1940-1969 ( 22.28%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.86%). There's also some housing in Wise built before 1939 ( 4.16%).

Vacant housing appears to be an issue in Wise. Fully 16.22% of the housing stock is classified as vacant. Left unchecked, vacant Wise homes and apartments can be a drag on the real estate market, holding Wise 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.

Wise Home Appreciation Rates

Appreciation rates for homes in Wise have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 0.49%, which ranks in the top 50% nationwide. This equates to an annual average Wise house appreciation rate of 0.05%.

Over the last year, Wise appreciation rates have trailed the rest of the nation. In the last twelve months, Wise's appreciation rate has been -1.79%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wise were at -1.60%, which equates to an annual appreciation rate of -6.23%.

Notably, Wise's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Wise's latest annual appreciation rate is lower than 90% of the other cities and towns in Virginia.

Average Home Values

 

Median Home Value:
$96,084

Wise, VA HOME PRICES

Value Range
> $1,012,000 1.6
$759,001 - $1,012,000 0.2
$506,001 - $759,000 1.3
$405,001 - $506,000 1.7
$303,001 - $405,000 3.9
$202,001 - $303,000 11.7
$101,001 - $202,000 34.5
$50,001 - $101,000 21.2
$0 - $50,000 23.8

Very Low for VA
Very Low for Nation

Value Relative to Nation Value Relative to State
80.1652408297199 89.7506925207756

Number Of Homes And Apartments:
1,410

Wise 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
43.42% 2.11% 4 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$762 / per month

Homeownership Rate

Homeownership
Owners 63.40
Renters 36.60
Vacant 16.22

Housing Market Details

 

Age of Homes

AGE OF Wise HOMES
2000 or Newer 9.9
1970 - 1999 63.7
1940 - 1969 22.3
1939 or Older 4.2

Types of Homes

TYPE OF Wise HOMES
Single-Family 60.3
Townhomes 1.5
Small Apt. Buildings 4.4
Apt. Complexes 5.6
Mobile Homes 28.1
Other 0.0

Home Size

SIZE OF Wise HOMES
No Bedroom 0.00
1 Bedroom 6.06
2 Bedrooms 31.79
3 Bedrooms 44.68
4 Bedrooms 12.95
5 or more bedrooms 4.52