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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Roanoke, 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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Roanoke, VA Housing Market Trends

With 97,847 people, 42,806 houses or apartments, and a median cost of homes of $217,077, 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 61.61% of the city's housing units. Other types of housing that are prevalent in Roanoke include large apartment complexes or high rise apartments ( 21.83%), duplexes, homes converted to apartments or other small apartment buildings ( 11.10%), and a few row houses and other attached homes ( 4.71%).

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 51.16% owning and 48.84% 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 39.16% of the city's housing hails from this era. Other housing ages represented in Roanoke include homes built between 1970-1999 ( 27.55%) and housing constructed before 1939 ( 25.25%). There's also some housing in Roanoke built between 2000 and later ( 8.04%).

Vacant housing appears to be an issue in Roanoke. Fully 12.15% 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 Home Appreciation Rates

Appreciation rates for homes in Roanoke have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 85.99%, which ranks in the top 50% nationwide. This equates to an annual average Roanoke house appreciation rate of 6.40%.

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 7.37%, which is higher than appreciation rates in 78.60% 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 1.09%, which equates to an annual appreciation rate of 4.43%.

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.

Average Home Values

Median Home Value

$217,077

Roanoke, VA Home Prices
> $1,389,000
$1,041,001 - $1,389,000
$694,001 - $1,041,000
$556,001 - $694,000
$417,001 - $556,000
$278,001 - $417,000
$139,001 - $278,000
$70,001 - $139,000
$0 - $70,000
0.9%
0.9%
1.5%
1.5%
3.4%
3.4%
3.1%
3.1%
7.1%
7.1%
15.9%
15.9%
48.1%
48.1%
15.2%
15.2%
4.8%
4.8%
0% 100.0%
% of Homes
Low

for Virginia

Low

for nation

Number of Homes And Apartments:

42,806

Roanoke Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,414 / per month

Homeownership Rate

Owners
Renters
51.2%
51.2%
48.8%
48.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.1%
12.1%
87.9%
87.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.0%
8.0%
27.6%
27.6%
39.2%
39.2%
25.2%
25.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.6%
61.6%
4.7%
4.7%
11.1%
11.1%
21.8%
21.8%
0.7%
0.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
4.0%
4.0%
11.4%
11.4%
30.9%
30.9%
37.6%
37.6%
13.3%
13.3%
2.9%
2.9%
0% 100.0%
% of Homes