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 4,936, 1,758 total housing units (homes and apartments), and a median house value of $163,337, house prices in Rocky Mount are some of the most affordable in Virginia as well as the nation.
Single-family detached homes are the single most common housing type in Rocky Mount, accounting for 71.08% of the town's housing units. Other types of housing that are prevalent in Rocky Mount include large apartment complexes or high rise apartments ( 17.72%), duplexes, homes converted to apartments or other small apartment buildings ( 6.04%), and a few row houses and other attached homes ( 4.81%).
The most prevalent building size and type in Rocky Mount are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.87% owning and 37.13% renting.
There is a lot of housing in Rocky Mount 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 Rocky Mount built between 1940-1969 ( 31.22%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.43%). There's also some housing in Rocky Mount built before 1939 ( 6.38%).
Vacant housing appears to be an issue in Rocky Mount. Fully 13.70% of the housing stock is classified as vacant. Left unchecked, vacant Rocky Mount homes and apartments can be a drag on the real estate market, holding Rocky Mount 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.
Rocky Mount's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Rocky Mount during the period has been just 5.10%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Rocky Mount's appreciation rate, at 6.12%, has been at or slightly above the national average. In the latest quarter, Rocky Mount's appreciation rate has been 3.42%, which annualizes to a rate of 14.40%.
Importantly, this makes Rocky Mount one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Virginia, our data show that Rocky Mount's latest annual appreciation rate is lower than 50% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Rocky Mount differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rocky Mount - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Rocky Mount real estate investment or home purchase decisions.
$163,337
for Virginia
for nation
1,758
$1,384 / per month