Palmyra, VA—22963
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palmyra, VA
As of Oct '25, the median home price in Palmyra, VA is $372,000, with a year-over-year change of 1.4%. This indicates that home prices in Palmyra, VA are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $372,000 | 1.4% |
| Single Family | $372,000 | 1.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $295,000 | 0.3% |
3 Bed | $344,000 | 1.2% |
4 Bed | $441,000 | 1.4% |
| 5 Bed | $551,000 | 1.5% |
% of Housing Stock
Rental Trends — Palmyra, VA
As of July '25, Rentcast reports the average rent in Palmyra, VA is $2,170, with a year-over-year rent change of -0.9%. Per bedroom, the median rent as of July '25 in Palmyra, VA is 1-bedrooms: $1,200, 2-bedrooms: $1,780, 3-bedrooms: $2,090, 4-bedrooms: $2,690. The most common rental property sizes in Palmyra, VA are 3-bedroom and 2-bedroom, accounting for 48.6% and 44.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,100 | $2,170 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,200 | $1,200 |
| 2 Bed Rent | $1,580 | $1,780 |
| 3 Bed Rent | $2,000 | $2,090 |
| 4 Bed Rent | $2,650 | $2,690 |
% of Rental Stock
Property Listings — Palmyra, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Palmyra, VA is 52. This is a increase of 26.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $394,000 | -1.0% |
Listing Count | 112 | 38.0% |
| Listings as % of Homes | 1.2% | 38.0% |
Days on Market | 52 | 26.0% |
Demographics — Palmyra, VA
As of the latest ACS Survey released in 2023, Palmyra, VA has a population of 16,800, which has increased by 4.8% over the past 5 years. Palmyra, VA is a moderately popular place for families, as children make up 20.8% of the population. The area has a moderately educated workforce, with 42.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 16,800 | 4.8% |
% Under 18 | 20.8% | 3.0% |
% Seniors | 22.4% | 2.3% |
% WFH | 15.4% | 108.1% |
% w/ College Degree | 42.4% | 0.7% |
As of the latest ACS Survey released in 2023, Palmyra, VA is a predominantly white area, with 78.3% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Palmyra, VA is black, making up 10.0% of the population. Foreign-born residents account for 2.9% of the population in Palmyra, VA, and this percentage has decreased by 14.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 78.3% | -4.0% |
% Black | 10.0% | -18.0% |
% Hispanic | 5.3% | 211.8% |
% Asian | 1.0% | -54.5% |
% Foreign Born | 2.9% | -14.7% |
Mortgage and Risk — Palmyra, VA
According to HUD data as of 2023, there were 431 mortgage originations in Palmyra, VA, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Palmyra, VA. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 431 |
% Conventional Loans | 71.0% |
% Government Loans | 29.0% |
% Investor Loans | 0.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Palmyra, VA
As of 2024, the percent of homes in Palmyra, VA under the Section 8 program is 5.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Palmyra, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 25 |
Total Units Section 8 | 25 |
% Rentals under Section 8 | 5.2% |
% Occupied Section 8 | 79.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $490 | $1,200 | $1,690 |
| 2 Bedroom | $390 | $1,580 | $1,970 |
| 3 Bedroom | $460 | $2,000 | $2,460 |
| 4 Bedroom | $340 | $2,650 | $2,990 |
Affordability — Palmyra, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $372,000 |
| Median Household Income | $101,000 |