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 1,596 people, 750 houses or apartments, and a median cost of homes of $109,154, house prices in Pennington Gap 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 Pennington Gap, accounting for 72.89% of the town's housing units. Other types of housing that are prevalent in Pennington Gap include mobile homes or trailers ( 11.66%), large apartment complexes or high rise apartments ( 7.78%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.91%).
The most prevalent building size and type in Pennington Gap are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 40.77% owning and 59.23% renting.
There is a lot of housing in Pennington Gap 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 Pennington Gap built between 1940-1969 ( 34.99%). A lesser amount of the housing stock also hails from before 1939 ( 12.10%). There's also some housing in Pennington Gap built between 2000 and later ( 6.70%).
Vacant housing appears to be an issue in Pennington Gap. Fully 19.01% of the housing stock is classified as vacant. Left unchecked, vacant Pennington Gap homes and apartments can be a drag on the real estate market, holding Pennington Gap 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.
Pennington Gap's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Pennington Gap during the period has been just 4.87%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Pennington Gap's appreciation rate, at 6.54%, has been at or slightly above the national average. In the latest quarter, Pennington Gap's appreciation rate has been 2.32%, which annualizes to a rate of 9.63%.
Relative to Virginia, our data show that Pennington Gap's latest annual appreciation rate is higher than 50% of the other cities and towns in Virginia.
$109,154
for Virginia
for nation
750
$1,212 / per month