Roanoke Home Prices: $245K, Up 2.7% — 8 ZIPs Analyzed (2026)
$244,954. That’s the typical home price in Roanoke as of February 2026, up 2.7% from a year ago. The climb is slow but steady — prices have nudged higher for almost every month on record.
Quick answer: The average home price in Roanoke, VA is $244,954 as of February 2026, up 2.7% year over year according to Zillow.
Current Home Prices in Roanoke
Roanoke sits well below the national median. A typical home runs about $245,000 — roughly half the price of the average U.S. metro. The city’s 8 ZIP codes span a wide range: from $142,674 in the urban core to $369,475 in the southwest suburbs.
| Metric | Value |
|---|---|
| Median home price (Feb 2026) | $244,954 |
| Year-over-year change | +2.7% |
| Cheapest ZIP | $142,674 (24013) |
| Priciest ZIP | $369,475 (24018) |
| Spread (max ÷ min) | 2.6x |
| ZIP codes analyzed | 8 |
The 2.7% gain isn’t dramatic. But it stands out against Roanoke’s shrinking population. Prices are rising even as people leave — a sign that supply is tighter than demand alone would suggest.
You’re looking at a market where entry-level buyers can still find homes under $200K. That’s rare in 2026. Even the cheapest Roanoke ZIPs cost less than a starter condo in most coastal cities.
Roanoke Home Prices by Neighborhood
The price gap between Roanoke neighborhoods is steep. Southwest Roanoke (24018) costs 2.6 times more than the urban core (24013). Both sit within the same city limits.
| ZIP | Median Price | Avg Rent |
|---|---|---|
| 24018 | $369,475 | $1,623 |
| 24019 | $300,836 | $1,325 |
| 24015 | $296,989 | $1,274 |
| 24014 | $282,860 | $1,246 |
| 24012 | $225,562 | $1,437 |
| 24017 | $181,840 | $1,306 |
| 24016 | $159,395 | $1,022 |
| 24013 | $142,674 | $1,424 |
Most Expensive
24018 leads at $369,475, about 51% above the city median, and pulls the highest rents at $1,623 — the only ZIP clearing the $1,600 mark. 24019 comes in second at $300,836, sitting 23% above the city average. 24015 trails at $296,989 but charges noticeably less rent than 24019, suggesting more owner-occupied stock.
Most Affordable
24013 anchors the bottom at $142,674 — but rents there hit $1,424, second highest in the city. That’s an unusual spread: cheap to buy, pricey to rent, which often points to investor-heavy ownership. 24016 offers the cheapest rents at $1,022 and a $159,395 median. 24017 rounds out the affordable tier at $181,840 with rents at $1,306.
Rent vs Buy in Roanoke
Renting wins on monthly cash flow in most Roanoke ZIPs. Buying wins on long-term equity. The math depends on which neighborhood you pick.
Average rent across the city sits around $1,332. A median-priced home at $244,954, with 20% down and a 7% mortgage, runs about $1,300 in principal and interest — before property taxes, insurance, and maintenance. Add those and you’re looking at $1,650-$1,750 a month.
| ZIP | Buy (price) | Rent (monthly) | Price-to-rent ratio |
|---|---|---|---|
| 24018 | $369,475 | $1,623 | 19.0 |
| 24013 | $142,674 | $1,424 | 8.4 |
| 24016 | $159,395 | $1,022 | 13.0 |
| 24015 | $296,989 | $1,274 | 19.4 |
Lower price-to-rent ratios favor buyers. ZIP 24013 stands out — at 8.4, it’s exceptionally cheap to own relative to renting, though rental demand suggests the area may attract investors more than owner-occupants. Anything above 20 typically favors renting.
If you’re staying 5+ years and have stable income, buying still pencils out in most Roanoke ZIPs. The down payment is the real barrier — 20% on the median home is about $49,000.
Population Growth and Migration
Roanoke is losing people. The city had 99,898 residents in 2020 and 97,912 in 2024 — a 2% decline over four years.
| Year | Population |
|---|---|
| 2020 | 99,898 |
| 2021 | 98,717 |
| 2022 | 97,743 |
| 2023 | 97,503 |
| 2024 | 97,912 |
The drop bottomed out in 2023 and ticked up slightly in 2024. Whether that’s a real reversal or statistical noise is too early to call.
Roanoke is the outlier in Virginia. Nearby cities are mostly growing.
| City | 2024 Population | 4-year growth |
|---|---|---|
| Suffolk | 103,105 | +8.8% |
| Richmond | 233,655 | +3.0% |
| Chesapeake | 254,997 | +2.1% |
| Lynchburg | 80,301 | +1.7% |
| Hampton | 137,596 | +0.2% |
| Roanoke | 97,912 | -2.0% |
For housing demand, this matters. Falling population usually pulls prices down. Roanoke’s 2.7% price gain despite a shrinking base suggests constrained supply — fewer homes built, fewer listings hitting the market — is doing the heavy lifting.
Roanoke Housing Market Trends
Prices have moved in one direction for almost a year: up. Slowly.
| Month | Median Price |
|---|---|
| Feb 2026 | $244,954 |
| Jan 2026 | $244,999 |
| Dec 2025 | $244,677 |
| Nov 2025 | $243,888 |
| Oct 2025 | $242,769 |
| Sep 2025 | $241,453 |
| Aug 2025 | $240,236 |
| Jul 2025 | $239,336 |
| Jun 2025 | $238,494 |
| May 2025 | $238,111 |
| Apr 2025 | $238,066 |
| Mar 2025 | $238,512 |
From March 2025 to February 2026, prices rose from $238,512 to $244,954 — a $6,442 gain, or about $537 a month. That’s a grinding pace, not a boom.
February did dip $45 from January. Watch the next two months. A second consecutive monthly drop would mark the first real cooling in this stretch.
Is Roanoke a Good Place to Buy in 2026?
If you want affordability with stable price growth, yes. If you want appreciation potential, look elsewhere.
Roanoke’s case for buyers: median prices under $250K, sub-$200K options in three ZIPs, and 12 straight months of mild gains. The case against: a shrinking population, single-digit annual appreciation, and rents that often beat ownership on monthly cost.
This is closer to a balanced market than a buyer’s or seller’s market. Prices aren’t crashing. They aren’t surging either. Sellers can’t expect bidding wars. Buyers can negotiate but shouldn’t expect deep discounts.
For a primary residence at this price point, the math is forgiving. You can buy, hold, and not lose money even if prices flatten. For investors chasing appreciation, Virginia Beach or Suffolk likely offer better growth profiles based on population data alone.
Roanoke Housing Market Outlook for 2026-2027
The 12-month trend points to continued slow gains. Roanoke prices added roughly $6,400 from March 2025 to February 2026, a 2.7% lift. If the current pace continues, expect prices to land somewhere in the $248,000-$252,000 range by mid-2026.
The February dip — a $45 drop from January — is too small to call a reversal. But it’s the first month-over-month decline in this run. The next two readings will tell you whether the cooling is real.
Population trends remain the wildcard. Roanoke has shed residents for four straight years. If that pattern continues, supply will stay constrained but demand may also weaken — keeping price growth modest rather than accelerating.
Similar Markets in VA
Roanoke buyers comparing Virginia options have several markets to weigh against:
- Lynchburg — Closest in size and price profile. The natural alternative if Roanoke’s inventory falls short.
- Hampton — Coastal Virginia at a price point closer to Roanoke than the rest of Hampton Roads.
- Suffolk — Faster-growing but pricier; appeals to buyers who want appreciation potential.
- Richmond — Bigger metro, more job options, higher prices.
- Chesapeake — Established suburb with steady 2.1% population growth.
Frequently Asked Questions
What is the average home price in Roanoke?
The average home price in Roanoke, VA is $244,954 as of February 2026. That number reflects the typical mid-tier home across all 8 ZIP codes in the city, ranging from $142,674 in 24013 to $369,475 in 24018.
Are home prices going up or down in Roanoke?
Roanoke prices rose 2.7% over the past year. Prices climbed nearly every month between March 2025 and February 2026, gaining about $6,400 over 12 months. February did show a small $45 monthly dip — worth watching but not a confirmed reversal.
Is it cheaper to rent or buy in Roanoke?
Renting is cheaper month to month in most ZIPs. Average rents run about $1,332, while owning a median-priced home (with 20% down at 7% interest, plus taxes and insurance) costs roughly $1,650-$1,750 a month. Buying wins long-term through equity and tax benefits if you stay 5+ years.
What is the most affordable neighborhood in Roanoke?
ZIP 24013 is the cheapest in Roanoke at $142,674 — about 42% below the city median. ZIP 24016 is the second most affordable at $159,395 and offers the lowest rents in the city at $1,022.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.