Roanoke Virginia Real Estate
Recent foreclosures in the Roanoke housing market have been dramatically high and homes are rising. The median list price of a home in Roenoke has increased 11.1% since the start of the year, according to data from the Virginia Department of Housing and Community Development.
Another factor that makes the Roanoke housing market more attractive is the lower - than average - cost of living. Importantly, this could signal an increase in the equity available for sale in the Roenoke housing market, making the city more attractive to investors and investors alike. In this way, the growing equity ratio gives buyers confidence and makes Roansoke an attractive destination.
Housing costs in Roanoke are lower than the average cost of living in other major US cities. One of the most affordable neighborhoods for Roansoke renters is Morningside, where rents are less than $850 a month. Areas with the highest rents include Preston Park, where rents can reach $1,250 a month, and the most expensive neighborhoods in the city, such as Northside, Eastside and Southside.
Single-family homes are the most common form of housing in Roanoke, accounting for more than 80% of the city's total housing stock. They are three- and four-room apartments, mainly in detached houses and detachable apartments. Other types of flats that occur in Roanokes are houses that have been converted into flats or other small residential buildings. There are a large number of detached houses with two or more bedrooms, which make up 75% of the total housing stock, with the majority of owners occupying one or two bedrooms and one or three bedrooms.
House prices in Roanoke are solidly above the national average, with a median price of $1,832,000 in 2015 and an average of about $2,500 per square foot, according to the U.S. Census Bureau.
In the latest quarter, NeighborhoodScout data shows that the rate of home appreciation in Roanoke is 2.33%, an average of $1,832,000 per square foot, or about $2,500 more than the national average. That's just 1.22% in the first quarter of last year, which is less than 80% of all US municipalities. According to the U.S. Department of Housing and Urban Development (HUD), Roanoke turned over an average of 19 percent of homeowners in 2015, compared with the rest of the state, which approaches 23 percent, according to a report by the National Association of Realtors.
Indeed, one local real estate agent noted that the Roanoke real estate market has seen a month-to-month increase in the sale-to-list price ratio, which is 100%, meaning that homes in Roanoke are sold for about half the list price on average.
The median sale price of a foreclosed home is about $1,000 below the median sale price for a typical home in Roanoke, according to the latest data from the U.S. Bureau of Labor Statistics. This is the second highest median home foreclosure price in the state of Virginia in 2012.
This is important because the median income in Roanoke is only $41,000, compared with the national average of nearly $65,000. According to Zumper, the average monthly income for a typical home in Virginia will be $1,033 per month as of December 2020. That's about $209,500, based on the latest data from the U.S. Labor Department for the first quarter of 2016.
The report found that Roanoke, VA, has a housing cost index (HCI) of 80, compared with the national average of 100. The data provided by RealtyTrac shows that the average monthly income for a typical US home was $129,500 in the first quarter of 2016.
Forbes ranked Roanoke as one of the top cities in the United States in terms of business activity in 2016, with an average annual income of $70,000. Nicknamed the "Blue Ridge Capital," it has also received high rankings for job growth and education, and is a good place for business and careers. The Roansoke region has more than 1,500 businesses, more jobs than any other region in Virginia. These include large companies such as General Electric, Coca-Cola, General Motors, ExxonMobil, Walmart, Wal-Mart and others.
The city has a dense, suburban feel, making it perfect for families and young professionals. Roanoke received above-average ratings from Nicholson for key quality-of-life measures, including affordable housing, good schools, affordable rents and a low crime rate.
Advance Auto Parts is headquartered in Roanoke, while Carillion Memorial Hospital is the largest employer in the region. There are also a number of high-tech companies with offices in and around the city, including General Electric, General Motors, Hewlett-Packard, IBM, Intel, Microsoft and many more. The University of North Carolina at Chapel Hill, an internationally renowned research university located 45 minutes from downtown Roansboro, has a campus with more than 1,000 students, faculty, staff and students. It includes a bachelor, graduate and doctoral degree as well as a master's degree in business administration.