Gate City, VA—24251
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Gate City, VA
As of Oct '25, the median home price in Gate City, VA is $170,000, with a year-over-year change of 3.3%. This indicates that home prices in Gate City, VA are increasing. According to Zillow, the 1-year price projection is 3.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $170,000 | 3.3% |
| Single Family | $170,000 | 4.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $120,000 | 3.4% |
3 Bed | $195,000 | 5.4% |
4 Bed | $258,000 | 6.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Gate City, VA
As of July '25, Rentcast reports the average rent in Gate City, VA is $1,100, with a year-over-year rent change of -50.0%. Per bedroom, the median rent as of July '25 in Gate City, VA is 2-bedrooms: $1,100. The most common rental property sizes in Gate City, VA are 3-bedroom and 2-bedroom, accounting for 38.8% and 34.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,000 | $1,100 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,000 | $1,100 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Gate City, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Gate City, VA is 53. This is a decrease of -12.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $316,000 | 25.0% |
Listing Count | 33 | -2.0% |
| Listings as % of Homes | 0.2% | -2.0% |
Days on Market | 53 | -12.0% |
Demographics — Gate City, VA
As of the latest ACS Survey released in 2023, Gate City, VA has a population of 7,980, which has decreased by -5.1% over the past 5 years. Gate City, VA is a moderately popular place for families, as children make up 16.4% 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 3.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,980 | -5.1% |
% Under 18 | 16.4% | -16.8% |
% Seniors | 25.8% | 21.1% |
% WFH | 3.9% | 200.0% |
% w/ College Degree | 19.0% | 30.1% |
As of the latest ACS Survey released in 2023, Gate City, VA is a predominantly white area, with 94.2% of the population identifying as white. The white population has shrunk by 3.3% in the last 5 years. The second most common race or ethnicity in Gate City, VA is hispanic, making up 2.5% of the population. Foreign-born residents account for 0.5% of the population in Gate City, VA, and this percentage has decreased by 28.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 94.2% | -3.3% |
% Black | 1.5% | 66.7% |
% Hispanic | 2.5% | 150.0% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.5% | -28.6% |
Mortgage and Risk — Gate City, VA
According to HUD data as of 2023, there were 154 mortgage originations in Gate City, VA, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Gate City, VA. Investor activity is low, as 1.0% 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 | 154 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Gate City, VA
Gate City, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 130 |
Total Units Section 8 | 92 |
% Rentals under Section 8 | 12.8% |
% Occupied Section 8 | 83.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $710 |
| 2 Bedroom | -$100 | $1,000 | $900 |
| 3 Bedroom | N/A | N/A | $1,160 |
| 4 Bedroom | N/A | N/A | $1,330 |
Affordability — Gate City, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $170,000 |
| Median Household Income | $45,000 |