Roanoke, VA—24018
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Roanoke, VA
As of Oct '25, the median home price in Roanoke, VA is $369,000, with a year-over-year change of 4.4%. This indicates that home prices in Roanoke, VA are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $369,000 | 4.4% |
| Single Family | $376,000 | 4.4% |
| Condos | $212,000 | 6.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $144,000 | 7.5% |
2 Bed | $233,000 | 4.5% |
3 Bed | $328,000 | 4.8% |
4 Bed | $430,000 | 5.1% |
| 5 Bed | $613,000 | 4.6% |
% of Housing Stock
Rental Trends — Roanoke, VA
As of July '25, Rentcast reports the average rent in Roanoke, VA is $2,000, with a year-over-year rent change of 2.0%. Per bedroom, the median rent as of July '25 in Roanoke, VA is studios: $5,500, 1-bedrooms: $1,070, 2-bedrooms: $1,580, 3-bedrooms: $2,030, 4-bedrooms: $2,700. The most common rental property sizes in Roanoke, VA are 2-bedroom and 1-bedroom, accounting for 42.4% and 25.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,980 | $2,000 |
| Studio Rent | $5,500 | $5,500 |
| 1 Bed Rent | $1,180 | $1,070 |
| 2 Bed Rent | $1,500 | $1,580 |
| 3 Bed Rent | $2,000 | $2,030 |
| 4 Bed Rent | $2,300 | $2,700 |
% of Rental Stock
Property Listings — Roanoke, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Roanoke, VA is 50. This is a increase of 5.0% 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 37.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $414,000 | 2.0% |
Listing Count | 189 | 43.0% |
| Listings as % of Homes | 0.6% | 43.0% |
Days on Market | 50 | 5.0% |
Demographics — Roanoke, VA
As of the latest ACS Survey released in 2023, Roanoke, VA has a population of 38,800, which has increased by 3.3% over the past 5 years. Roanoke, VA is a moderately popular place for families, as children make up 20.6% of the population. The area has a highly educated workforce, with 53.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 38,800 | 3.3% |
% Under 18 | 20.6% | -1.0% |
% Seniors | 21.1% | 4.5% |
% WFH | 15.3% | 104.0% |
% w/ College Degree | 53.1% | 12.7% |
As of the latest ACS Survey released in 2023, Roanoke, VA is a predominantly white area, with 83.4% of the population identifying as white. The white population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Roanoke, VA is asian, making up 6.2% of the population. Foreign-born residents account for 10.0% of the population in Roanoke, VA, and this percentage has increased by 33.3% 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 | 83.4% | -1.3% |
% Black | 3.8% | -20.8% |
% Hispanic | 3.9% | 30.0% |
% Asian | 6.2% | 12.7% |
% Foreign Born | 10.0% | 33.3% |
Mortgage and Risk — Roanoke, VA
According to HUD data as of 2023, there were 845 mortgage originations in Roanoke, VA, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Roanoke, VA. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 845 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Roanoke, VA
As of 2024, the percent of homes in Roanoke, VA under the Section 8 program is 7.3%. 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. In Roanoke, VA, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 319 |
Total Units Section 8 | 319 |
% Rentals under Section 8 | 7.3% |
% Occupied Section 8 | 84.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$90 | $1,180 | $1,090 |
| 2 Bedroom | -$190 | $1,500 | $1,310 |
| 3 Bedroom | -$170 | $2,000 | $1,830 |
| 4 Bedroom | -$140 | $2,300 | $2,160 |
Affordability — Roanoke, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $369,000 |
| Median Household Income | $90,400 |