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 5,338 people, 2,101 houses or apartments, and a median cost of homes of $118,712, house prices in Roanoke are some of the most affordable in Alabama as well as the nation.
Single-family detached homes are the single most common housing type in Roanoke, accounting for 71.32% of the city's housing units. Other types of housing that are prevalent in Roanoke include mobile homes or trailers ( 15.35%), large apartment complexes or high rise apartments ( 8.92%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.66%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Roanoke. Owner-occupied housing accounts for 67.14% of Roanoke's homes, and 61.50% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Roanoke built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Roanoke built between 1940-1969 ( 25.37%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.30%). There's also some housing in Roanoke built before 1939 ( 9.31%).
Vacant housing appears to be an issue in Roanoke. Fully 18.12% of the housing stock is classified as vacant. Left unchecked, vacant Roanoke homes and apartments can be a drag on the real estate market, holding Roanoke 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.
Roanoke's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Roanoke during the period has been just 5.22%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Roanoke's appreciation rate, at 6.13%, has been at or slightly above the national average. In the latest quarter, Roanoke's appreciation rate has been 1.28%, which annualizes to a rate of 5.24%.
Relative to Alabama, our data show that Roanoke's latest annual appreciation rate is higher than 50% of the other cities and towns in Alabama.
$118,712
for Alabama
for nation
2,101
$1,148 / per month