Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Roanoke County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $250,013 | $257,048 | $242,182 |
| Price Trend (Annual %) | 4.6% | 4.1% | 8.2% |
| Median Gross Rent | $1,148 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Roanoke County is about 3% lower than in Virginia. Rent is about 24% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Roanoke County, up about 4.6% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Roanoke County rose about 31.8% between 2015 and 2023, from $871 to $1,148. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Roanoke County.
Buying the median-priced home in Roanoke County costs roughly 18.2 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 County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Roanoke County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $250,013 | $257,048 | $242,182 |
| Median Household Income | $82,442 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Roanoke County rose about 32.6%, while median household income rose about 41.1% between 2009 and 2023 — 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 County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.8% | 61.1% | 58.2% |
| Rental Rate | 22.0% | 29.9% | 31.3% |
| Vacancy Rate | 7.1% | 9.0% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Roanoke County has a homeownership rate of 70.8%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 7.1%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Roanoke County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1970 | 1981 | 1978 |
| Median Number of Rooms | 6.4 | 6.0 | 5.5 |
The typical housing unit in Roanoke County was built around 1970. On average, 2.4 people live in a home with about 6.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Roanoke County, Virginia.
What is the median home price in Roanoke County, Virginia?
The median home price in Roanoke County, Virginia is $250,013, lower than the Virginia average of $257,048.
What is the average home price in Roanoke County, Virginia?
The typical home price in %s, reported as the median sale price, is %s. 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 County, Virginia?
The median gross rent in Roanoke County, Virginia is $1,148 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Roanoke County in 2020?
In 2020, the median gross rent in Roanoke County, Virginia was $937 per month.
What is the price-to-rent ratio in Roanoke County, Virginia?
The price-to-rent ratio in Roanoke County, Virginia is about 18.2, meaning it would take roughly 18.2 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 County.
Are home prices or rent rising faster in Roanoke County, Virginia?
Both home prices and rent are rising in Roanoke County, up about 4.6% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Roanoke County, Virginia?
70.8% of households in Roanoke County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Roanoke County, Virginia?
The housing vacancy rate in Roanoke County, Virginia is 7.1%, lower than the Virginia average of 9.0%.