Roanoke, VA—24015
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 $298,000, with a year-over-year change of 3.7%. This indicates that home prices in Roanoke, VA are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $298,000 | 3.7% |
| Single Family | $299,000 | 4.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $214,000 | 3.9% |
3 Bed | $294,000 | 3.9% |
4 Bed | $366,000 | 4.3% |
| 5 Bed | $470,000 | 4.9% |
% of Housing Stock
Rental Trends — Roanoke, VA
As of July '25, Rentcast reports the average rent in Roanoke, VA is $1,220, with a year-over-year rent change of -11.6%. Per bedroom, the median rent as of July '25 in Roanoke, VA is studios: $748, 1-bedrooms: $902, 2-bedrooms: $1,160, 3-bedrooms: $1,620, 4-bedrooms: $2,010. The most common rental property sizes in Roanoke, VA are 2-bedroom and 1-bedroom, accounting for 50.0% and 26.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,040 | $1,220 |
| Studio Rent | $720 | $748 |
| 1 Bed Rent | $895 | $902 |
| 2 Bed Rent | $1,040 | $1,160 |
| 3 Bed Rent | $1,550 | $1,620 |
| 4 Bed Rent | $1,850 | $2,010 |
% 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 45. This is a decrease of -12.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $327,000 | 4.0% |
Listing Count | 71 | 30.0% |
| Listings as % of Homes | 0.3% | 30.0% |
Days on Market | 45 | -12.0% |
Demographics — Roanoke, VA
As of the latest ACS Survey released in 2023, Roanoke, VA has a population of 15,800, which has increased by 3.6% over the past 5 years. Roanoke, VA is a moderately popular place for families, as children make up 24.3% of the population. The area has a highly educated workforce, with 46.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,800 | 3.6% |
% Under 18 | 24.3% | 16.3% |
% Seniors | 15.6% | 3.3% |
% WFH | 14.0% | 133.3% |
% w/ College Degree | 46.1% | 10.0% |
As of the latest ACS Survey released in 2023, Roanoke, VA is a predominantly white area, with 83.0% of the population identifying as white. The white population has grown by 7.7% in the last 5 years. The second most common race or ethnicity in Roanoke, VA is black, making up 5.5% of the population. Foreign-born residents account for 3.9% of the population in Roanoke, VA, and this percentage has decreased by 65.5% 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 | 83.0% | 7.7% |
% Black | 5.5% | -30.4% |
% Hispanic | 4.7% | 9.3% |
% Asian | 2.2% | -74.1% |
% Foreign Born | 3.9% | -65.5% |
Mortgage and Risk — Roanoke, VA
According to HUD data as of 2023, there were 317 mortgage originations in Roanoke, VA, of which 87.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Roanoke, VA. Investor activity is low, as 6.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 317 |
% Conventional Loans | 87.0% |
% Government Loans | 13.0% |
% Investor Loans | 6.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Roanoke, VA
As of 2024, the percent of homes in Roanoke, VA under the Section 8 program is 7.3%. 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 Roanoke, VA, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 211 |
Total Units Section 8 | 211 |
% Rentals under Section 8 | 7.3% |
% Occupied Section 8 | 71.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$75 | $895 | $820 |
| 2 Bedroom | -$50 | $1,040 | $990 |
| 3 Bedroom | -$160 | $1,550 | $1,390 |
| 4 Bedroom | -$210 | $1,850 | $1,640 |
Affordability — Roanoke, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $298,000 |
| Median Household Income | $69,800 |