Blacksburg, VA Real Estate Market

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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Blacksburg, VA Housing Market Trends

With 44,233 people, 13,403 houses or apartments, and a median cost of homes of $396,843, Blacksburg house prices are not only among the most expensive in Virginia, Blacksburg real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Blacksburg, accounting for 43.19% of the town's housing units. Other types of housing that are prevalent in Blacksburg include single-family detached homes ( 35.80%), duplexes, homes converted to apartments or other small apartment buildings ( 10.28%), and a few row houses and other attached homes ( 8.01%). Towns with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact towns that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Renters dominate Blacksburg's housing market, and most live in three of four bedroom dwellings.

There is a lot of housing in Blacksburg 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 Blacksburg built between 2000 and later ( 24.73%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.83%). There's also some housing in Blacksburg built before 1939 ( 4.11%).

Vacant housing appears to be an issue in Blacksburg. Fully 13.67% of the housing stock is classified as vacant. Left unchecked, vacant Blacksburg homes and apartments can be a drag on the real estate market, holding Blacksburg 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.

Blacksburg Home Appreciation Rates

Blacksburg's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Blacksburg during the period has been just 2.62%, which is lower than 70% of US communities.

Over the last year, Blacksburg appreciation rates have trailed the rest of the nation. In the last twelve months, Blacksburg's appreciation rate has been 6.72%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Blacksburg were at 3.29%, which equates to an annual appreciation rate of 13.83%.

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

Average Home Values

 

Median Home Value:
$396,843

Blacksburg, VA HOME PRICES

> $1,194,000
0.9%
0.9%
$896,001 - $1,194,000
2.2%
2.2%
$597,001 - $896,000
9.2%
9.2%
$477,001 - $597,000
21.8%
21.8%
$358,001 - $477,000
23.6%
23.6%
$239,001 - $358,000
29.6%
29.6%
$119,001 - $239,000
7.2%
7.2%
$60,001 - $119,000
2.6%
2.6%
$0 - $60,000
2.9%
2.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for VA

Value Relative To Nation

Number Of Homes And Apartments:
13,403

Blacksburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
87.79% 2.97%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,612 / per month

Homeownership Rate

Owners
26.3%
26.3%
Renters
73.7%
73.7%
Vacant
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
24.7%
24.7%
1970 - 1999
52.3%
52.3%
1940 - 1969
18.8%
18.8%
1939 or Older
4.1%
4.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
35.8%
35.8%
Townhomes
8.0%
8.0%
Small Apt. Buildings
10.3%
10.3%
Apt. Complexes
43.2%
43.2%
Mobile Homes
2.7%
2.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.7%
4.7%
1 Bedroom
9.8%
9.8%
2 Bedrooms
27.4%
27.4%
3 Bedrooms
27.2%
27.2%
4 Bedrooms
25.5%
25.5%
5 or more bedrooms
5.4%
5.4%
0.0% 100.0%
% OF HOMES