Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,827, 377 total housing units (homes and apartments), and a median house value of $207,571, house prices in Ferrum are solidly below the national average.
Single-family detached homes are the single most common housing type in Ferrum, accounting for 73.13% of the town's housing units. Other types of housing that are prevalent in Ferrum include mobile homes or trailers ( 12.58%), duplexes, homes converted to apartments or other small apartment buildings ( 9.59%), and a few large apartment complexes or high rise apartments ( 4.69%).
Renters dominate Ferrum's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.
The housing in Ferrum was primarily built before 1939 ( 35.82%), making the housing stock in Ferrum some of the oldest overall in America, although there is a range of ages of homes in Ferrum. The next most important housing age is between 2000 and later ( 30.92%), followed by between 1940-1969 ( 19.83%). There's also some housing in Ferrum built between 1970-1999 ( 13.43%).
Vacant housing appears to be an issue in Ferrum. Fully 19.62% of the housing stock is classified as vacant. Left unchecked, vacant Ferrum homes and apartments can be a drag on the real estate market, holding Ferrum real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Ferrum's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ferrum during the period has been just 5.60%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Ferrum's appreciation rate, at 6.03%, has been at or slightly above the national average. In the latest quarter, Ferrum's appreciation rate has been 3.42%, which annualizes to a rate of 14.40%.
Importantly, this makes Ferrum one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Virginia, our data show that Ferrum's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.
$207,571
for Virginia
for nation
377
$1,006 / per month