Roanoke, Virginia – Purchasing a residence signifies a significant investment, often holding the potential for substantial appreciation. This is a universal truth, transcending mere habitation and marking homeownership as a valuable asset. However, amidst skyrocketing home prices, affordability becomes a critical concern for prospective buyers. With the 30-year fixed mortgage rate at 6.69% as of June 15, even monthly payments have escalated.
Over the course of the last year, the average home value in the United States marginally increased by 0.9%, pegging it at $346,856. While this rise in home prices is prevalent across the nation, certain cities inherently bear a heftier price tag. Factors such as location, size, age, and condition significantly influence a home’s value.
In an endeavor to elucidate this trend, we analyzed data from Zillow to compile a list of cities within the Roanoke metro area that boast the priciest homes. Rankings were established based on the Zillow Home Values Index (ZHVI) as of May 2023, which offers a seasonally adjusted representation of mid-market prices for all homes. The analysis includes all 22 cities and towns for which data was available, accompanied by charts depicting the typical monthly home values since January 2018.
Below is the ranking:
- Covington, VA
- Average home value: $132,610
- Annual price change: +3.7%
- 5-year price change: +40.6%
- Eagle Rock, VA
- Average home value: $132,699
- Annual price change: -11.1%
- 5-year price change: +8.6%
- New Castle, VA
- Average home value: $169,260
- Annual price change: +3.6%
- 5-year price change: +32.7%
- Henry, VA
- Average home value: $186,437
- Annual price change: +2.3%
- 5-year price change: +51.4%
- Buchanan, VA
- Average home value: $189,877
- Annual price change: -3.8%
- 5-year price change: +28.0%
- Copper Hill, VA
- Average home value: $192,827
- Annual price change: No change
- 5-year price change: +49.0%
- Ferrum, VA
- Average home value: $221,725
- Annual price change: +0.5%
- 5-year price change: +42.3%
- Rocky Mount, VA
- Average home value: $235,627
- Annual price change: +4.1%
- 5-year price change: +51.5%
- Roanoke, VA
- Average home value: $248,776
- Annual price change: +5.9%
- 5-year price change: +54.0%
- Cloverdale, VA
- Average home value: $257,808
- Annual price change: +0.9%
- 5-year price change: +28.7%
- Catawba, VA
- Average home value: $259,436
- Annual price change: +5.6%
- 5-year price change: +49.9%
- Callaway, VA
- Average home value: $266,816
- Annual price change: +1.8%
- 5-year price change: +49.9%
- Gladehill, VA
- Average home value: $270,698
- Annual price change: +3.9%
- 5-year price change: +55.6%
- Salem, VA
- Average home value: $271,488
- Annual price change: +6.4%
- 5-year price change: +48.7%
- Bent Mountain, VA
- Average home value: $279,216
- Annual price change: +4.2%
- 5-year price change: +47.7%
- Boones Mill, VA
- Average home value: $281,554
- Annual price change: +2.9%
- 5-year price change: +45.0%
- Fincastle, VA
- Average home value: $289,470
- Annual price change: +0.7%
- 5-year price change: +36.9%
- Troutville, VA
- Average home value: $302,537
- Annual price change: +3.0%
- 5-year price change: +37.8%
- Daleville, VA
- Average home value: $383,545
- Annual price change: +1.4%
- 5-year price change: +34.1%
- Wirtz, VA
- Average home value: $386,995
- Annual price change: +4.1%
- 5-year price change: +49.0%
- Penhook, VA
- Average home value: $409,273
- Annual price change: +1.1%
- 5-year price change: +52.2%
- Union Hall, VA
- Average home value: $722,888
- Annual price change: +3.7%
- 5-year price change: +60.7%
