Boones Mill, VA—24065
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Boones Mill, VA
As of Oct '25, the median home price in Boones Mill, VA is $318,000, with a year-over-year change of 3.4%. This indicates that home prices in Boones Mill, VA are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $318,000 | 3.4% |
| Single Family | $318,000 | 2.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $203,000 | 2.0% |
3 Bed | $325,000 | 2.8% |
4 Bed | $434,000 | 3.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Boones Mill, VA
As of July '25, Rentcast reports the average rent in Boones Mill, VA is $1,380, with a year-over-year rent change of -22.0%. Per bedroom, the median rent as of July '25 in Boones Mill, VA is 2-bedrooms: $800, 3-bedrooms: $1,530, 4-bedrooms: $1,500. The most common rental property sizes in Boones Mill, VA are 3-bedroom and 2-bedroom, accounting for 65.4% and 27.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,380 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $800 | $800 |
| 3 Bed Rent | $1,500 | $1,530 |
| 4 Bed Rent | $1,500 | $1,500 |
% of Rental Stock
Property Listings — Boones Mill, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Boones Mill, VA is 39. This is a increase of 2.0% 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 13.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $383,000 | -6.0% |
Listing Count | 15 | -36.0% |
| Listings as % of Homes | 0.3% | -36.0% |
Days on Market | 39 | 2.0% |
Demographics — Boones Mill, VA
As of the latest ACS Survey released in 2023, Boones Mill, VA has a population of 6,500, which has remained stable by -0.6% over the past 5 years. Boones Mill, VA is a moderately popular place for families, as children make up 20.2% of the population. The area has a poorly educated workforce, with 22.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,500 | -0.6% |
% Under 18 | 20.2% | 37.4% |
% Seniors | 26.6% | 50.3% |
% WFH | 7.6% | 204.0% |
% w/ College Degree | 22.5% | -3.0% |
As of the latest ACS Survey released in 2023, Boones Mill, VA is a predominantly white area, with 92.8% of the population identifying as white. The white population has shrunk by 3.5% in the last 5 years. The second most common race or ethnicity in Boones Mill, VA is hispanic, making up 5.6% of the population. Foreign-born residents account for 2.1% of the population in Boones Mill, VA, and this percentage has increased by 23.5% 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 | 92.8% | -3.5% |
% Black | 0.7% | 16.7% |
% Hispanic | 5.6% | 180.0% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 2.1% | 23.5% |
Mortgage and Risk — Boones Mill, VA
According to HUD data as of 2023, there were 72 mortgage originations in Boones Mill, VA, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Boones Mill, VA. Investor activity is low, as 0.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 72 |
% Conventional Loans | 81.0% |
% Government Loans | 19.0% |
% Investor Loans | 0.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Boones Mill, VA
Boones Mill, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 5 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 0.6% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $810 |
| 2 Bedroom | $180 | $800 | $980 |
| 3 Bedroom | -$130 | $1,500 | $1,370 |
| 4 Bedroom | $90 | $1,500 | $1,590 |
Affordability — Boones Mill, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $318,000 |
| Median Household Income | $63,500 |