Roanoke, VA—24012
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Roanoke, VA
As of Oct '25, the median home price in Roanoke, VA is $226,000, with a year-over-year change of 2.7%. This indicates that home prices in Roanoke, VA are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $226,000 | 2.7% |
| Single Family | $226,000 | 2.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $171,000 | 3.0% |
3 Bed | $230,000 | 2.7% |
4 Bed | $309,000 | 2.7% |
| 5 Bed | $354,000 | 2.0% |
% of Housing Stock
Rental Trends — Roanoke, VA
As of July '25, Rentcast reports the average rent in Roanoke, VA is $1,330, with a year-over-year rent change of 18.8%. Per bedroom, the median rent as of July '25 in Roanoke, VA is studios: $1,000, 1-bedrooms: $895, 2-bedrooms: $1,280, 3-bedrooms: $1,650, 4-bedrooms: $2,040. The most common rental property sizes in Roanoke, VA are 2-bedroom and 3-bedroom, accounting for 33.7% and 25.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,330 | $1,330 |
| Studio Rent | $1,000 | $1,000 |
| 1 Bed Rent | $825 | $895 |
| 2 Bed Rent | $1,200 | $1,280 |
| 3 Bed Rent | $1,550 | $1,650 |
| 4 Bed Rent | $1,750 | $2,040 |
% of Rental Stock
Property Listings — Roanoke, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Roanoke, VA is 55. This is a decrease of -8.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $250,000 | -12.0% |
Listing Count | 137 | 53.0% |
| Listings as % of Homes | 0.5% | 53.0% |
Days on Market | 55 | -8.0% |
Demographics — Roanoke, VA
As of the latest ACS Survey released in 2023, Roanoke, VA has a population of 28,700, which has decreased by -5.3% over the past 5 years. Roanoke, VA is a moderately popular place for families, as children make up 21.2% of the population. The area has a poorly educated workforce, with 23.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,700 | -5.3% |
% Under 18 | 21.2% | -7.4% |
% Seniors | 18.2% | 12.3% |
% WFH | 11.9% | 283.9% |
% w/ College Degree | 23.6% | 38.8% |
As of the latest ACS Survey released in 2023, Roanoke, VA is a predominantly white area, with 60.0% of the population identifying as white. The white population has shrunk by 13.5% in the last 5 years. The second most common race or ethnicity in Roanoke, VA is black, making up 17.1% of the population. Foreign-born residents account for 11.2% of the population in Roanoke, VA, and this percentage has increased by 43.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 60.0% | -13.5% |
% Black | 17.1% | -3.9% |
% Hispanic | 13.8% | 70.4% |
% Asian | 4.4% | 175.0% |
% Foreign Born | 11.2% | 43.6% |
Mortgage and Risk — Roanoke, VA
According to HUD data as of 2023, there were 533 mortgage originations in Roanoke, VA, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Roanoke, VA. Investor activity is low, as 7.0% 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 | 533 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 7.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Roanoke, VA
As of 2024, the percent of homes in Roanoke, VA under the Section 8 program is 12.6%. 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. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Roanoke, VA, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,133 |
Total Units Section 8 | 735 |
% Rentals under Section 8 | 12.6% |
% Occupied Section 8 | 80.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $115 | $825 | $940 |
| 2 Bedroom | -$70 | $1,200 | $1,130 |
| 3 Bedroom | $30 | $1,550 | $1,580 |
| 4 Bedroom | $120 | $1,750 | $1,870 |
Affordability — Roanoke, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $226,000 |
| Median Household Income | $51,000 |