Grottoes, VA—24441
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Grottoes, VA
As of Oct '25, the median home price in Grottoes, VA is $301,000, with a year-over-year change of 2.0%. This indicates that home prices in Grottoes, VA are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $301,000 | 2.0% |
| Single Family | $302,000 | 2.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $228,000 | 3.6% |
3 Bed | $303,000 | 2.0% |
4 Bed | $350,000 | 2.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Grottoes, VA
As of July '25, Rentcast reports the average rent in Grottoes, VA is $1,410, with a year-over-year rent change of -6.0%. Per bedroom, the median rent as of July '25 in Grottoes, VA is 2-bedrooms: $1,340, 3-bedrooms: $1,700. The most common rental property sizes in Grottoes, VA are 3-bedroom and 2-bedroom, accounting for 44.0% and 41.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,450 | $1,410 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,350 | $1,340 |
| 3 Bed Rent | $1,700 | $1,700 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Grottoes, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Grottoes, VA is 46. This is a increase of 152.0% 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 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 | $348,000 | 9.0% |
Listing Count | 23 | 36.0% |
| Listings as % of Homes | 0.1% | 36.0% |
Days on Market | 46 | 152.0% |
Demographics — Grottoes, VA
As of the latest ACS Survey released in 2023, Grottoes, VA has a population of 6,380, which has increased by 2.4% over the past 5 years. Grottoes, VA is a moderately popular place for families, as children make up 21.3% of the population. The area has a poorly educated workforce, with 16.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 6,380 | 2.4% |
% Under 18 | 21.3% | 10.4% |
% Seniors | 19.9% | 30.1% |
% WFH | 6.4% | 106.5% |
% w/ College Degree | 16.0% | 15.9% |
As of the latest ACS Survey released in 2023, Grottoes, VA is a predominantly white area, with 86.4% of the population identifying as white. The white population has shrunk by 3.7% in the last 5 years. The second most common race or ethnicity in Grottoes, VA is hispanic, making up 4.2% of the population. Foreign-born residents account for 1.7% of the population in Grottoes, VA, and this percentage has decreased by 39.3% 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 | 86.4% | -3.7% |
% Black | 3.0% | 87.5% |
% Hispanic | 4.2% | -45.5% |
% Asian | 0.0% | N/A |
% Foreign Born | 1.7% | -39.3% |
Mortgage and Risk — Grottoes, VA
According to HUD data as of 2023, there were 212 mortgage originations in Grottoes, VA, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Grottoes, VA. Investor activity is low, as 0.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 212 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Grottoes, VA
Grottoes, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | 4.6% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,080 |
| 2 Bedroom | -$20 | $1,350 | $1,330 |
| 3 Bedroom | $120 | $1,700 | $1,820 |
| 4 Bedroom | N/A | N/A | $2,190 |
Affordability — Grottoes, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $301,000 |
| Median Household Income | $80,300 |