0
menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Luray, VA Real Estate Market

Source & Methodology

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

Luray, VA Housing Market Trends

With a population of 4,833, 2,333 total housing units (homes and apartments), and a median house value of $367,539, Luray real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Luray, accounting for 83.89% of the town's housing units. Other types of housing that are prevalent in Luray include duplexes, homes converted to apartments or other small apartment buildings ( 6.73%), row houses and other attached homes ( 5.06%), and a few large apartment complexes or high rise apartments ( 3.99%).

The most prevalent building size and type in Luray are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.05% owning and 36.95% renting.

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. Luray's housing was primarily built during this period, from the '40s through the '60s. A full 37.51% of the town's housing hails from this era. Other housing ages represented in Luray include homes built between 1970-1999 ( 30.71%) and housing constructed before 1939 ( 20.77%). There's also some housing in Luray built between 2000 and later ( 11.01%).

Vacant housing appears to be an issue in Luray. Fully 13.78% of the housing stock is classified as vacant. Left unchecked, vacant Luray homes and apartments can be a drag on the real estate market, holding Luray 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.

Luray Home Appreciation Rates

Appreciation rates for homes in Luray have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.79%, which ranks in the top 40% nationwide. This equates to an annual average Luray house appreciation rate of 7.11%.

Appreciation rates are so strong in Luray that despite a nationwide downturn in the housing market, Luray real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Luray appreciation rates continue to be some of the highest in America, at 8.35%, which is higher than appreciation rates in 73.81% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Luray. Luray appreciation rates in the latest quarter were at 2.32%, which equates to an annual appreciation rate of 9.62%.

Relative to Virginia, our data show that Luray's latest annual appreciation rate is higher than 80% of the other cities and towns in Virginia.

Average Home Values

Median Home Value

$367,539

Luray, VA Home Prices
> $1,499,000
$1,125,001 - $1,499,000
$750,001 - $1,125,000
$600,001 - $750,000
$450,001 - $600,000
$300,001 - $450,000
$150,001 - $300,000
$75,001 - $150,000
$0 - $75,000
1.8%
1.8%
1.7%
1.7%
3.8%
3.8%
5.4%
5.4%
18.1%
18.1%
31.0%
31.0%
28.0%
28.0%
7.4%
7.4%
2.7%
2.7%
0% 100.0%
% of Homes
High

for Virginia

High

for nation

Number of Homes And Apartments:

2,333

Luray Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,592 / per month

Homeownership Rate

Owners
Renters
63.0%
63.0%
37.0%
37.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.8%
13.8%
86.2%
86.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.0%
11.0%
30.7%
30.7%
37.5%
37.5%
20.8%
20.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
83.9%
83.9%
5.1%
5.1%
6.7%
6.7%
4.0%
4.0%
0.3%
0.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.7%
2.7%
3.9%
3.9%
21.4%
21.4%
55.2%
55.2%
12.3%
12.3%
4.5%
4.5%
0% 100.0%
% of Homes