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 8,332, 3,960 total housing units (homes and apartments), and a median house value of $159,183, house prices in Virginia are some of the most affordable in Minnesota as well as the nation.
Single-family detached homes are the single most common housing type in Virginia, accounting for 63.62% of the city's housing units. Other types of housing that are prevalent in Virginia include large apartment complexes or high rise apartments ( 17.46%), duplexes, homes converted to apartments or other small apartment buildings ( 16.31%), and a few mobile homes or trailers ( 1.72%).
People in Virginia primarily live in small (one, two or no bedroom) single-family detached homes. Virginia has a mixture of owner-occupied and renter-occupied housing.
The housing in Virginia was primarily built before 1939 ( 39.93%), making the housing stock in Virginia some of the oldest overall in America, although there is a range of ages of homes in Virginia. The next most important housing age is between 1940-1969 ( 31.15%), followed by between 1970-1999 ( 22.60%). There's also some housing in Virginia built between 2000 and later ( 6.31%).
Vacant housing appears to be an issue in Virginia. Fully 17.81% of the housing stock is classified as vacant. Left unchecked, vacant Virginia homes and apartments can be a drag on the real estate market, holding Virginia 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Virginia, where house values have increased just 52.32%, which is annualized rate of 4.30%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Virginia appreciation rates have trailed the rest of the nation. In the last twelve months, Virginia's appreciation rate has been 3.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Virginia were at 4.80%, which equates to an annual appreciation rate of 20.60%.
Importantly, this makes Virginia one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Minnesota, our data show that Virginia's latest annual appreciation rate is higher than 50% of the other cities and towns in Minnesota.
$159,183
for Minnesota
for nation
3,960
$1,411 / per month