Ferrum, VA—24088
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Ferrum, VA
As of Oct '25, the median home price in Ferrum, VA is $246,000, with a year-over-year change of 3.0%. This indicates that home prices in Ferrum, VA are increasing. 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 | $246,000 | 3.1% |
| Single Family | $246,000 | 2.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $181,000 | 0.6% |
3 Bed | $265,000 | 2.7% |
4 Bed | $330,000 | 2.5% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Ferrum, VA
As of July '25, Rentcast reports the average rent in Ferrum, VA is $950, with a year-over-year rent change of 4.6%. Per bedroom, the median rent as of July '25 in Ferrum, VA is 1-bedrooms: $650, 2-bedrooms: $867, 3-bedrooms: $1,500. The most common rental property sizes in Ferrum, VA are 2-bedroom and 3-bedroom, accounting for 53.1% and 30.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $850 | $950 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $650 | $650 |
| 2 Bed Rent | $850 | $867 |
| 3 Bed Rent | $1,500 | $1,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Ferrum, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Ferrum, VA is 41. This is a decrease of -35.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $450,000 | 29.0% |
Listing Count | 12 | -24.0% |
| Listings as % of Homes | 0.2% | -24.0% |
Days on Market | 41 | -35.0% |
Demographics — Ferrum, VA
As of the latest ACS Survey released in 2023, Ferrum, VA has a population of 5,000, which has remained stable by -0.5% over the past 5 years. Ferrum, VA is a moderately popular place for families, as children make up 16.0% of the population. The area has a poorly educated workforce, with 18.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,000 | -0.5% |
% Under 18 | 16.0% | -1.8% |
% Seniors | 17.0% | 22.3% |
% WFH | 9.0% | -26.8% |
% w/ College Degree | 18.0% | 3.4% |
As of the latest ACS Survey released in 2023, Ferrum, VA is a predominantly white area, with 85.6% of the population identifying as white. The white population has grown by 1.7% in the last 5 years. The second most common race or ethnicity in Ferrum, VA is black, making up 10.2% of the population. Foreign-born residents account for 0.5% of the population in Ferrum, VA, and this percentage has increased by 66.7% 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 | 85.6% | 1.7% |
% Black | 10.2% | -15.0% |
% Hispanic | 2.0% | 17.6% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.5% | 66.7% |
Mortgage and Risk — Ferrum, VA
According to HUD data as of 2023, there were 78 mortgage originations in Ferrum, VA, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Ferrum, 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 | 78 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 3.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Ferrum, VA
Ferrum, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 4 |
Total Units Section 8 | 4 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $110 | $650 | $760 |
| 2 Bedroom | $0 | $850 | $850 |
| 3 Bedroom | -$310 | $1,500 | $1,190 |
| 4 Bedroom | N/A | N/A | $1,430 |
Affordability — Ferrum, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $246,000 |
| Median Household Income | $39,900 |