There are currently 1,795 real estate properties in Ferrum, VA, with a median automated valuation model (AVM) price of $183,392.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Ferrum, VA, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Ferrum, VA, is $224,562.00, with the most expensive house in Ferrum, VA, topping out at $1,932,800.00 and the cheapest home in Ferrum, VA, clocking in at $14,131.00. In other words, there’s something for every potential homebuyer or savvy investor in Ferrum, VA!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Ferrum, VA, is on a rollercoaster ride. The average rent price in Ferrum, VA, is $1,014.00. Indeed, when looking to rent in Ferrum, VA, you can expect to pay as little as $460.00 or as much as $2,360.00, with the average rent median estimated to be $940.00. The good news is that finding an affordable and desirable property to rent in Ferrum, VA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Ferrum is located in Franklin, Virginia, with an estimated municipal population of 2,310 residents. All of the best foreclosed homes for sale in Ferrum are located in the following zip code areas on Foreclosure.com: 24088. The estimated population per square kilometer (.62 miles) in Ferrum is 97.
So, about how much do homes cost in Ferrum? The most recent median value of resident-owned homes in Ferrum is 130,287. An estimated 83.2 percent of households in Ferrum own their homes, with an average family size of 3.47. The median household income in Ferrum is 48,234, with16.3 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Ferrum, the median commute time of resident workers (in minutes) is 19.2.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Ferrum, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Ferrum is 21.1, split between 54.8 percent male versus 45.2 female. The percentage of residents who report being married in Ferrum is 26.1, with an average family size of 3.47.
The percentage of residents who report their race in Ferrum is as follows:
| White | 76.4% |
| Black / African American | 20.6% |
| Asian | 0% |
| American Indian / Alaskan Native | 1.2% |
| Native Hawaiian / Other Pacifc Islander | 0% |
| Multi-racial | 1.6% |
| Other | 0.3% |
Looking for family-friendly neighborhoods in and/or near Ferrum? Or maybe you are searching for 55+ active adult communities in and/or near Ferrum?
The percentage of residents who report their age in Ferrum is as follows:
| Under 10 | 2% |
| Aged 10-19 | 37.2% |
| 20s | 27.7% |
| 30s | 5.4% |
| 40s | 6.9% |
| 50s | 9.5% |
| 60s | 7.5% |
| 70s | 2.2% |
| 80+ | 1.6% |
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Ferrum with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Ferrum.
How do you know that living in -- or moving to -- Ferrum is right where you need to be? Perhaps you grew up in Ferrum or already live nearby; therefore, the decision to buy a home in Ferrum is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Ferrum for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Ferrum:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Ferrum.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Ferrum can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Ferrum, meanwhile, can field multiple offers from more qualified buyers.
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