Roanoke, VA—24019
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 2.7%. 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 | 2.7% |
| Single Family | $298,000 | 2.8% |
| Condos | $301,000 | 3.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $228,000 | 3.2% |
3 Bed | $284,000 | 2.5% |
4 Bed | $341,000 | 2.7% |
| 5 Bed | $453,000 | 2.7% |
% of Housing Stock
Rental Trends — Roanoke, VA
As of July '25, Rentcast reports the average rent in Roanoke, VA is $1,800, with a year-over-year rent change of 12.5%. Per bedroom, the median rent as of July '25 in Roanoke, VA is 1-bedrooms: $1,110, 2-bedrooms: $1,480, 3-bedrooms: $1,960, 4-bedrooms: $2,460. The most common rental property sizes in Roanoke, VA are 2-bedroom and 3-bedroom, accounting for 52.7% and 23.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,800 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,100 | $1,110 |
| 2 Bed Rent | $1,400 | $1,480 |
| 3 Bed Rent | $1,950 | $1,960 |
| 4 Bed Rent | $2,350 | $2,460 |
% 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 44. This is a decrease of -5.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $340,000 | 5.0% |
Listing Count | 109 | -4.0% |
| Listings as % of Homes | 0.5% | -4.0% |
Days on Market | 44 | -5.0% |
Demographics — Roanoke, VA
As of the latest ACS Survey released in 2023, Roanoke, VA has a population of 28,600, which has increased by 6.4% over the past 5 years. Roanoke, VA is a moderately popular place for families, as children make up 17.4% of the population. The area has a moderately educated workforce, with 30.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,600 | 6.4% |
% Under 18 | 17.4% | -14.3% |
% Seniors | 23.1% | 24.2% |
% WFH | 16.0% | 310.3% |
% w/ College Degree | 30.3% | 1.3% |
As of the latest ACS Survey released in 2023, Roanoke, VA is a predominantly white area, with 76.2% of the population identifying as white. The white population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Roanoke, VA is black, making up 13.2% of the population. Foreign-born residents account for 6.7% of the population in Roanoke, VA, and this percentage has increased by 6.3% 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 | 76.2% | -1.3% |
% Black | 13.2% | 22.2% |
% Hispanic | 3.5% | -47.8% |
% Asian | 3.4% | 61.9% |
% Foreign Born | 6.7% | 6.3% |
Mortgage and Risk — Roanoke, VA
According to HUD data as of 2023, there were 610 mortgage originations in Roanoke, VA, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Roanoke, VA. Investor activity is low, as 3.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 610 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Roanoke, VA
As of 2024, the percent of homes in Roanoke, VA under the Section 8 program is 4.7%. 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 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 and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 147 |
Total Units Section 8 | 147 |
% Rentals under Section 8 | 4.7% |
% Occupied Section 8 | 71.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $10 | $1,100 | $1,110 |
| 2 Bedroom | -$60 | $1,400 | $1,340 |
| 3 Bedroom | -$70 | $1,950 | $1,880 |
| 4 Bedroom | -$140 | $2,350 | $2,210 |
Affordability — Roanoke, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $298,000 |
| Median Household Income | $75,300 |