Martinsville, VA—24112
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Martinsville, VA
As of Oct '25, the median home price in Martinsville, VA is $126,000, with a year-over-year change of -0.6%. This indicates that home prices in Martinsville, VA are flat. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $126,000 | -0.6% |
| Single Family | $126,000 | -0.8% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $174,000 | 6.7% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Martinsville, VA
As of July '25, Rentcast reports the average rent in Martinsville, VA is $945, with a year-over-year rent change of 6.1%. Per bedroom, the median rent as of July '25 in Martinsville, VA is 1-bedrooms: $780, 2-bedrooms: $895, 3-bedrooms: $1,140, 4-bedrooms: $1,500. The most common rental property sizes in Martinsville, VA are 2-bedroom and 3-bedroom, accounting for 48.0% and 27.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $900 | $945 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $800 | $780 |
| 2 Bed Rent | $860 | $895 |
| 3 Bed Rent | $1,210 | $1,140 |
| 4 Bed Rent | $1,500 | $1,500 |
% of Rental Stock
Property Listings — Martinsville, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Martinsville, VA is 57. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $185,000 | 19.0% |
Listing Count | 149 | 18.0% |
| Listings as % of Homes | 0.5% | 18.0% |
Days on Market | 57 | 1.0% |
Demographics — Martinsville, VA
As of the latest ACS Survey released in 2023, Martinsville, VA has a population of 30,900, which has increased by 4.5% over the past 5 years. Martinsville, VA is a moderately popular place for families, as children make up 21.4% of the population. The area has a poorly educated workforce, with 19.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,900 | 4.5% |
% Under 18 | 21.4% | 9.2% |
% Seniors | 23.3% | 0.9% |
% WFH | 7.1% | 163.0% |
% w/ College Degree | 19.0% | 15.9% |
As of the latest ACS Survey released in 2023, Martinsville, VA is a predominantly white area, with 50.4% of the population identifying as white. The white population has shrunk by 8.0% in the last 5 years. The second most common race or ethnicity in Martinsville, VA is black, making up 37.9% of the population. Foreign-born residents account for 4.6% of the population in Martinsville, VA, and this percentage has increased by 76.9% 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 | 50.4% | -8.0% |
% Black | 37.9% | -4.1% |
% Hispanic | 6.6% | 65.0% |
% Asian | 1.1% | 120.0% |
% Foreign Born | 4.6% | 76.9% |
Mortgage and Risk — Martinsville, VA
According to HUD data as of 2023, there were 315 mortgage originations in Martinsville, VA, of which 60.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Martinsville, 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 | 315 |
% Conventional Loans | 60.0% |
% Government Loans | 40.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Martinsville, VA
As of 2024, the percent of homes in Martinsville, VA under the Section 8 program is 14.3%. 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. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Martinsville, VA, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 611 |
Total Units Section 8 | 561 |
% Rentals under Section 8 | 14.3% |
% Occupied Section 8 | 84.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $800 | $700 |
| 2 Bedroom | $20 | $860 | $880 |
| 3 Bedroom | -$150 | $1,210 | $1,060 |
| 4 Bedroom | -$240 | $1,500 | $1,260 |
Affordability — Martinsville, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.4 |
| Median Home Price | $126,000 |
| Median Household Income | $47,100 |