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 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.
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.
|$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|
|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 Wise HOMES|
|2000 or Newer||9.9|
|1970 - 1999||63.7|
|1940 - 1969||22.3|
|1939 or Older||4.2|
|TYPE OF Wise HOMES|
|Small Apt. Buildings||4.4|
|SIZE OF Wise HOMES|
|5 or more bedrooms||4.52|