Are Home Prices in Roanoke Still Considered Affordable Compared to the Rest of Virginia?

by Walter Grewe

One of the biggest reasons people move to Roanoke—or stay in Roanoke—is affordability. With housing costs rising across the country, many buyers want to know whether Roanoke still offers good value compared to the rest of Virginia. The answer is yes. Roanoke continues to be one of the state’s most affordable and accessible real estate markets, even as popularity grows.

When you compare median home prices across Virginia, Roanoke stands out. Northern Virginia, Richmond, Charlottesville, and even parts of Lynchburg have seen sharper increases in recent years. Meanwhile, Roanoke’s prices have held at a more moderate, stable pace. This balance allows buyers to enter the market without the extreme pressure felt in larger metro areas.

Affordability isn’t just about the purchase price—it’s also about what you get for your money. In the Roanoke Valley, buyers often enjoy larger homes, bigger yards, walkable neighborhoods, and access to amenities without premium pricing. Whether you're exploring Grandin, Raleigh Court, Cave Spring, Salem, or Botetourt, the value proposition remains strong.

The cost of living also plays a big role. Roanoke’s overall living expenses—utilities, taxes, groceries, transportation—tend to be lower than in many other Virginia regions. That gives homeowners more breathing room in their monthly budgets and makes homeownership more sustainable long-term.

Another advantage is market stability. Instead of dramatic swings, Roanoke’s housing market has shown consistent, steady trends. This predictability benefits both buyers and sellers by reducing uncertainty and helping you plan with confidence.

Of course, affordability varies by neighborhood, property type, and buyer goals. Some areas with newer construction or high demand may be more competitive, while others remain very budget-friendly.

If you're curious about how far your budget can go or want to compare neighborhoods, we’re always happy to pull personalized numbers and walk you through your options.

— Walter & Debra
The Roanoke Real Estate Team