Roanoke, VA Foreclosed Homes & Properties

Foreclosure Homes for Sale in Roanoke, VA: Everything You Need to Know

European settlers, primarily Scotch-Irish immigrants, ventured into this area in the 1740s. The town of Salem was founded in 1802 after the American Revolution. In 1838, Roanoke County came about, and Salem became the county seat. Officially established in 1852, the little town of Roanoke was initially called Big Lick because of a large development of salt that drew the wildlife to this area near the Roanoke River. The city's prime location made it the transportation hub of western Virginia and contributed to the fast growth of the town. 

In 1986 Roanoke County was chartered by the Commonwealth of Virginia. The current city of Roanoke is divided into four quadrants: Northwest, Northeast, Southwest, and Southeast.  The city has grown to about 90,000 residents.

Housing Availability 

Roanoke's core architectural patterns for housing include Colonial Revival, variations of the Craftsman style, Vernacular, and Ranch styles. There are 51 properties in Roanoke that are listed on the National Register of Historic Places in Virginia. A more recent development in the area is the Daleville Town Center.  This area features outdoor recreation, urban amenities, shopping and dining, along with outdoor trails for hiking, cycling, fishing, and water sports. 

The average home value in the city is $134,239, with an appreciation rate of 5.57% in the past year. About 56.8% of the population owns their home, and 43.2% rent their residence.

Local Job Opportunities 

Top industry sectors in Roanoke include finance, health care, logistics, legal, and manufacturing. This city has one of the state's largest healthcare systems, the Carilion Clinic, and the Fralin Biomedical Research Institute. The leading employers in this region include Carilion Clinic, Wells Fargo Bank, HCA Health System, Kroger, and Walmart. The average annual salary is $26,119 or $16.35 an hour, with 20.5% of people living under the poverty line. The unemployment rate as of May 2020 was 9.5%.

Getting Around in Roanoke 

The Roanoke-Blacksburg Regional Airport is located in the northern part of the town and is the primary airport for Southwest Virginia. The only Interstate Highway in the area is I-81 (also known as I-581), and it runs north-south, passing north of the city limits. US Route 220 runs parallel to I-581 and is another main road. US Route 460 runs east-west and has also been named Melrose Avenue and Orange Avenue. Other significant roads include US Route 221, US Route 117, and State Route 101.  

The Valley Metro bus system serves Roanoke city and its surrounding areas. Most routes begin and end at the Campbell Court bus station in downtown. Free shuttle services connect local colleges to the downtown area. The RIDE solutions provided by the city offer additional services such as carpool matching, bicycle advocacy, transit assistance, and telework assistance to the residents of the town.