Roanoke, VA—24017
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 $182,000, with a year-over-year change of 0.8%. This indicates that home prices in Roanoke, VA are flat. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $182,000 | 0.8% |
| Single Family | $183,000 | 1.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $143,000 | 0.7% |
3 Bed | $187,000 | 1.6% |
4 Bed | $203,000 | 2.0% |
| 5 Bed | $214,000 | 0.9% |
% of Housing Stock
Rental Trends — Roanoke, VA
As of July '25, Rentcast reports the average rent in Roanoke, VA is $1,180, with a year-over-year rent change of -4.8%. Per bedroom, the median rent as of July '25 in Roanoke, VA is studios: $1,230, 1-bedrooms: $850, 2-bedrooms: $1,050, 3-bedrooms: $1,450, 4-bedrooms: $1,840. The most common rental property sizes in Roanoke, VA are 2-bedroom and 3-bedroom, accounting for 46.9% and 32.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,150 | $1,180 |
| Studio Rent | $1,230 | $1,230 |
| 1 Bed Rent | $785 | $850 |
| 2 Bed Rent | $1,040 | $1,050 |
| 3 Bed Rent | $1,450 | $1,450 |
| 4 Bed Rent | $1,950 | $1,840 |
% 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 increase of 49.0% 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 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $190,000 | 1.0% |
Listing Count | 108 | 78.0% |
| Listings as % of Homes | 0.3% | 78.0% |
Days on Market | 55 | 49.0% |
Demographics — Roanoke, VA
As of the latest ACS Survey released in 2023, Roanoke, VA has a population of 24,600, which has increased by 1.8% over the past 5 years. Roanoke, VA is a moderately popular place for families, as children make up 24.5% of the population. The area has a poorly educated workforce, with 17.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,600 | 1.8% |
% Under 18 | 24.5% | 2.9% |
% Seniors | 18.1% | 16.0% |
% WFH | 6.7% | 318.8% |
% w/ College Degree | 17.4% | 31.8% |
As of the latest ACS Survey released in 2023, Roanoke, VA is a predominantly black area, with 59.8% of the population identifying as black. The black population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in Roanoke, VA is white, making up 25.5% of the population. Foreign-born residents account for 8.7% of the population in Roanoke, VA, and this percentage has increased by 17.6% 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 | 25.5% | -6.2% |
% Black | 59.8% | -5.1% |
% Hispanic | 9.3% | 106.7% |
% Asian | 3.8% | 65.2% |
% Foreign Born | 8.7% | 17.6% |
Mortgage and Risk — Roanoke, VA
According to HUD data as of 2023, there were 368 mortgage originations in Roanoke, VA, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 37.0% 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. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 368 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 6.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Roanoke, VA
As of 2024, the percent of homes in Roanoke, VA under the Section 8 program is 24.4%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Roanoke, VA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,751 |
Total Units Section 8 | 1,222 |
% Rentals under Section 8 | 24.4% |
% Occupied Section 8 | 77.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $145 | $785 | $930 |
| 2 Bedroom | $80 | $1,040 | $1,120 |
| 3 Bedroom | $120 | $1,450 | $1,570 |
| 4 Bedroom | -$100 | $1,950 | $1,850 |
Affordability — Roanoke, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $182,000 |
| Median Household Income | $46,000 |