Montross, VA Real Estate Market
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.
Date(s) & Update Frequency:
- Home Values, Rents: Reflects Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Montross, VA Housing Market Trends
With 336 people, 167 houses or apartments, and a median cost of homes of $426,506, Montross real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Montross, accounting for 82.04% of the town's housing units. Other types of housing that are prevalent in Montross include duplexes, homes converted to apartments or other small apartment buildings ( 13.59%), row houses and other attached homes ( 2.43%), and a few large apartment complexes or high rise apartments ( 1.46%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Montross. Owner-occupied housing accounts for 65.27% of Montross's homes, and 64.56% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Montross's housing was primarily built during this period, from the '40s through the '60s. A full 43.69% of the town's housing hails from this era. Other housing ages represented in Montross include homes built between 1970-1999 ( 31.07%) and housing constructed before 1939 ( 15.53%). There's also some housing in Montross built between 2000 and later ( 9.71%).
Vacant housing appears to be an issue in Montross. Fully 18.93% of the housing stock is classified as vacant. Left unchecked, vacant Montross homes and apartments can be a drag on the real estate market, holding Montross 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.
Montross Home Appreciation Rates
Appreciation rates for homes in Montross have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 91.94%, which ranks in the top 50% nationwide. This equates to an annual average Montross house appreciation rate of 6.74%.
Appreciation rates are so strong in Montross that despite a nationwide downturn in the housing market, Montross real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Montross appreciation rates continue to be some of the highest in America, at 11.32%, which is higher than appreciation rates in 92.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Montross. Montross appreciation rates in the latest quarter were at 2.32%, which equates to an annual appreciation rate of 9.63%.
Relative to Virginia, our data show that Montross's latest annual appreciation rate is higher than 90% of the other cities and towns in Virginia.
Median Home Value
$426,506
High
for Virginia
High
for nation
Number of Homes And Apartments:
167
VA
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,706 / per month