Roanoke, VA—24016
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 $161,000, with a year-over-year change of 1.7%. This indicates that home prices in Roanoke, VA are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $161,000 | 1.7% |
| Single Family | $156,000 | 2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $121,000 | 3.4% |
3 Bed | $150,000 | 3.4% |
4 Bed | $200,000 | 2.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Roanoke, VA
As of July '25, Rentcast reports the average rent in Roanoke, VA is $1,260, with a year-over-year rent change of 6.8%. Per bedroom, the median rent as of July '25 in Roanoke, VA is studios: $1,610, 1-bedrooms: $1,060, 2-bedrooms: $1,150, 3-bedrooms: $1,490, 4-bedrooms: $1,850. The most common rental property sizes in Roanoke, VA are 1-bedroom and 2-bedroom, accounting for 33.4% and 32.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,260 |
| Studio Rent | $1,250 | $1,610 |
| 1 Bed Rent | $900 | $1,060 |
| 2 Bed Rent | $1,100 | $1,150 |
| 3 Bed Rent | $1,400 | $1,490 |
| 4 Bed Rent | $1,600 | $1,850 |
% 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 81. This is a increase of 64.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $188,000 | -4.0% |
Listing Count | 32 | 8.0% |
| Listings as % of Homes | 0.3% | 8.0% |
Days on Market | 81 | 64.0% |
Demographics — Roanoke, VA
As of the latest ACS Survey released in 2023, Roanoke, VA has a population of 9,830, which has increased by 17.3% over the past 5 years. Roanoke, VA is a popular place for families, as children make up 26.4% of the population. The area has a moderately educated workforce, with 26.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,830 | 17.3% |
% Under 18 | 26.4% | 55.3% |
% Seniors | 13.5% | 11.6% |
% WFH | 15.5% | 216.3% |
% w/ College Degree | 26.4% | 15.8% |
As of the latest ACS Survey released in 2023, Roanoke, VA is a predominantly black area, with 48.5% of the population identifying as black. The black population has grown by 6.8% in the last 5 years. The second most common race or ethnicity in Roanoke, VA is white, making up 42.4% of the population. Foreign-born residents account for 5.1% of the population in Roanoke, VA, and this percentage has decreased by 8.9% 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 | 42.4% | -3.2% |
% Black | 48.5% | 6.8% |
% Hispanic | 4.0% | -4.8% |
% Asian | 2.2% | 4.8% |
% Foreign Born | 5.1% | -8.9% |
Mortgage and Risk — Roanoke, VA
According to HUD data as of 2023, there were 92 mortgage originations in Roanoke, VA, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Roanoke, VA. Investor activity is high, as 33.0% 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 | 92 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 33.0% |
% 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 12.1%. 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, 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 | 518 |
Total Units Section 8 | 463 |
% Rentals under Section 8 | 12.1% |
% Occupied Section 8 | 75.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $40 | $900 | $940 |
| 2 Bedroom | $30 | $1,100 | $1,130 |
| 3 Bedroom | $180 | $1,400 | $1,580 |
| 4 Bedroom | $270 | $1,600 | $1,870 |
Affordability — Roanoke, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $161,000 |
| Median Household Income | $43,700 |