Roanoke, Virginia Housing Market Prices
Roanoke Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 23% below the Virginia median$196,627
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Median rent 37% below the Virginia median$995
Housing Market Overview
| Metric | Roanoke | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,627 | $256,082 | $248,835 |
| Price Trend (Annual %) | 4.2% | 3.5% | 7.5% |
| Median Gross Rent | $995 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Roanoke is about 23% lower than in Virginia. Rent is about 37% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Roanoke, up about 4.2% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Roanoke rose about 36.7% between 2015 and 2024, from $728 to $995. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Roanoke.
Buying the median-priced home in Roanoke costs roughly 16.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Roanoke. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Roanoke | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,627 | $256,082 | $248,835 |
| Median Household Income | $55,625 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.5 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Roanoke rose about 38.7%, while median household income rose about 48.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Roanoke | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.5% | 61.5% | 58.5% |
| Rental Rate | 42.2% | 29.8% | 31.2% |
| Vacancy Rate | 11.3% | 8.7% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Roanoke has a homeownership rate of 46.5%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 11.3%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Roanoke | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1959 | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 6.0 | 5.5 |
The typical housing unit in Roanoke was built around 1959. On average, 2.2 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Roanoke, Virginia.
What is the median home price in Roanoke, Virginia?
The median home price in Roanoke, Virginia is $196,627, lower than the Virginia average of $256,082.
What is the average home price in Roanoke, Virginia?
The typical home price in Roanoke, Virginia, reported as the median sale price, is $196,627. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Roanoke, Virginia?
The median gross rent in Roanoke, Virginia is $995 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Roanoke in 2020?
In 2020, the median gross rent in Roanoke, Virginia was $804 per month.
What is the price-to-rent ratio in Roanoke, Virginia?
The price-to-rent ratio in Roanoke, Virginia is about 16.5, meaning it would take roughly 16.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Roanoke.
Are home prices or rent rising faster in Roanoke, Virginia?
Both home prices and rent are rising in Roanoke, up about 4.2% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Roanoke, Virginia?
46.5% of households in Roanoke, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Roanoke, Virginia?
The housing vacancy rate in Roanoke, Virginia is 11.3%, higher than the Virginia average of 8.7%.
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