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  1. Home
  2. /Browse ZIP Codes
  3. /Virginia
  4. /Ferrum, VA - 24088

Ferrum, VA—24088

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$260,000
4.1% YoY Growth
Household Income
$39,900
12.2% YoY Growth
Days on Market
38
57.0% Shorter YoY
Home Price Forecast
3.0%
Median Rent
$850
4.6% YoY Growth
1-Bed Rent
$650
8.3% YoY Growth
2-Bed Rent
$850
14.5% YoY Growth
3-Bed Rent
$1,500
71.4% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Ferrum, VA

As of May '26, the median home price in Ferrum, VA is $260,000, with a year-over-year change of 4.1%. This indicates that home prices in Ferrum, VA are increasing. According to Zillow, the 1-year price projection is 3.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$260,0004.1%
Single Family $260,0004.4%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$192,0002.1%
    3 Bed
    		$278,0004.1%
    4 Bed
    		$348,0004.2%
    5 Bed N/AN/A
    Loading chart...

    % of Housing Stock

    Studio
    3.1%
    2 Bedrooms
    33.3%
    3 Bedrooms
    49.7%
    4 Bedrooms
    13.4%
    5+ Bedrooms
    0.5%

    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.

    TypeMedian RentAverage Rent
    Average Rent$850$950
    Studio Rent N/AN/A
    1 Bed Rent $650$650
    2 Bed Rent $850$867
    3 Bed Rent $1,500$1,500
    4 Bed Rent N/AN/A
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    % of Rental Stock

    Studio
    10.3%
    2 Bedrooms
    53.1%
    3 Bedrooms
    30.5%
    4 Bedrooms
    6.1%

    Property Listings — Ferrum, VA

    As of May '26, Realtor.com reports that the median days on market for a home in Ferrum, VA is 38. This is a decrease of -57.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$325,000-61.0%
    Listing Count
    		14124.0%
    Listings as % of Homes0.2%124.0%
    Days on Market
    		38-57.0%
    Loading chart...

    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.

    MetricLatest CensusYoY % 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%
    Loading chart...

    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
    Loading chart...
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    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 SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$110$650$760
    2 Bedroom$0$850$850
    3 Bedroom-$310$1,500$1,190
    4 BedroomN/AN/A$1,430

    Affordability — Ferrum, VA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5.3
    Median Home Price$260,000
    Median Household Income$39,900

    Ferrum, VA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Henry, VA

    24102

    Callaway, VA

    24067

    Bassett, VA

    24055

    Copper Hill, VA

    24079

    Bassett Forks, VA

    24168

    Frequently Asked Questions