If you're a Roanoke resident, chances are good that you'll get a piece of mail saying the value of your home has dropped yet again.
For the second straight year, home values dropped in Roanoke by an average of .7 percent.
If you're concerned about the drop in the value of your home, it could depend on how expensive your house is. The median home value in Roanoke is $132,000.
Real Estate experts say the amount your house could depreciate is typically directly proportional to the value of your home. The median home value in Lynchburg is around $165,000 so chances for volatility are less than a place like Arlington County. There the median price is around $420,000 so the chances are higher for a fluctuation.
Any frustrations you may have about the depreciation of your home should also be tempered by debatable increases in home values over the past few decades. Double digit appreciations per year isn't a norm, and it's what many of you experienced. After things level out, its more realistic to expect single digit increases per year in home values if that.
