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 1,704, 570 total housing units (homes and apartments), and a median house value of $117,409, house prices in Castlewood 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 Castlewood, accounting for 79.14% of the town's housing units. Other types of housing that are prevalent in Castlewood include mobile homes or trailers ( 13.73%), large apartment complexes or high rise apartments ( 7.13%).
The most prevalent building size and type in Castlewood are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.38% owning and 37.62% 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. Castlewood's housing was primarily built during this period, from the '40s through the '60s. A full 41.99% of the town's housing hails from this era. Other housing ages represented in Castlewood include homes built between 1970-1999 ( 41.72%) and housing constructed between 2000 and later ( 10.36%). There's also some housing in Castlewood built before 1939 ( 5.92%).
Vacant housing appears to be an issue in Castlewood. Fully 23.28% of the housing stock is classified as vacant. Left unchecked, vacant Castlewood homes and apartments can be a drag on the real estate market, holding Castlewood 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.
Castlewood's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Castlewood during the period has been just 4.85%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Castlewood's appreciation rate, at 6.57%, has been at or slightly above the national average. In the latest quarter, Castlewood's appreciation rate has been 2.32%, which annualizes to a rate of 9.63%.
Relative to Virginia, our data show that Castlewood's latest annual appreciation rate is higher than 50% of the other cities and towns in Virginia.
$117,409
for Virginia
for nation
570
$1,306 / per month