Martinsville, VA

  • Overview
  • Performance
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Key Performance Metrics

Market snapshot

Performance indicators for the Martinsville short-term rental market based on reliable data.

Listings

73 / 167

Reliable / Active

Cap Rate

15%

Middle-Earners Gross Yield

Revenue

$19,681

Middle-Earners Revenue

Occupancy

45%

Middle-Earners Occupancy

Home Value

$133,227

Median Home Sale Price

Top Earners

$36,814

Top-Earners Revenue

Martinsville

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Martinsville.

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B

Generally Investor friendly

Martinsville Regulations

STRs are explicitly allowed but require standard business steps: zoning compliance, a general business license, lodging tax registration, monthly remittance, and possible inspections. No caps are mentioned; compliance is a known process handled by the Commissioner of the Revenue, though investors must confirm zoning.

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About Martinsville

Martinsville is an independent city in southern Virginia, nestled in the foothills of the Blue Ridge Mountains just a few miles north of the North Carolina border. With a population of roughly 13,000, it carries the character of a small, close-knit community shaped by its long heritage in furniture and textile manufacturing. Today the city is best known as the home of the historic Martinsville Speedway, and it serves as a quiet gateway to the lakes, forests, and rolling countryside of the surrounding region. The nearest major city is Roanoke, about 50 miles to the north, while Greensboro, North Carolina, lies approximately 50 miles to the south.

Just outside the city, Fairy Stone State Park is one of the area's most distinctive natural attractions, named for the cross-shaped staurolite crystals, often called "fairy stones," that can be found scattered across its grounds. The park offers hiking trails, a lake for fishing and non-motorized boating, picnic areas, and cabins, making it a year-round draw about a 25- to 30-minute drive from downtown Martinsville.

Philpott Lake, a reservoir on the Smith River, lies a short distance northwest of the city and provides roughly 3,000 acres of water surrounded by thousands of acres of public land managed by the U.S. Army Corps of Engineers. Visitors come for fishing, kayaking, swimming at a designated beach, and lakeside camping, and the forested shoreline offers scenic drives and quiet trails in every season. The lake is about a 25- to 30-minute drive from the city center.

The Martinsville Speedway is the city's marquee attraction, a roughly half-mile oval that has hosted NASCAR races since 1949 and is one of the oldest tracks still on the Cup Series schedule. Twice a year, in the spring and fall, the speedway draws tens of thousands of fans for race weekends that fill nearby hotels and short-term rentals, and the venue also hosts a popular campground and a museum devoted to stock-car history.

Within the city itself, the Virginia Museum of Natural History anchors a small cultural district with permanent exhibits on Virginia's geology, paleontology, and native wildlife, including a well-known collection of Ice Age fossils. The museum sits in uptown Martinsville, a short walk from local restaurants and shops and from the Piedmont Arts association, which presents rotating exhibitions and community programming year-round.

For short-term rental owners, Martinsville offers a compelling mix of seasonal event traffic, particularly around NASCAR race weekends, and steady year-round interest from visitors drawn to the surrounding lakes, state parks, and Blue Ridge scenery. Its compact size keeps operating costs modest, while its location within easy reach of Roanoke, Greensboro, and the outdoor recreation of southwestern Virginia ensures a varied and reliable pool of potential guests.

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