Carroll County, Virginia: commercial real estate data.
Carroll County, Virginia had an estimated 29,242 residents on July 1, 2024, up 0.3 percent since the 2020 census base of 29,153, across 475 square miles. 431 establishments operate here, and the SBA record carries 21 7(a) approvals worth $14.9 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Carroll County
How many people live in Carroll County
- Population, American Community Survey 2020-202429,157
- Households12,576
- Average household size2.32
- Median household income$54,484
- Median age49.4
- Median gross rent$738 per month
- Median owner-occupied home value$156,500
- Home value to household income2.9 times
- Annual rent as a share of median income16.3 percent
- Adults 25 and over with a bachelor degree or higher16.9 percent
- Adults 25 and over with a graduate degree5.4 percent
- Adults 25 and over22,061
- Population under 185,126
- Share under 1817.6 percent
- Population 65 and over7,626
- Share 65 and over26.2 percent
- Working age population, 18 to 6416,405
- Civilian labor force13,147
- Unemployment rate5.5 percent
- Labor force participation, adults 18 and over54.7 percent
- Rank by population among Virginia counties60th of 133
- Rank by population among US county-equivalents, Puerto Rico included1500th of 3,222
Carroll County is the 60th largest of 133 Virginia counties by population. A median home costs 2.9 times median household income, which is affordable by national standards. Residents 65 and over outnumber those under 18, at 26.2 percent against 17.6 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Carroll County
Is Carroll County's population growing?
- Population, July 1, 202429,242
- Census 2020 base population29,153
- Population change since the 2020 census base0.31 percent
- Population change, 2023 to 202440
- Births, 2024214
- Deaths, 2024442
- Natural change, 2024-228
- Net domestic migration, 2024235
- Net international migration, 202432
- Total net migration, 2024267
- Cumulative net domestic migration, 2021 to 20241,001
- Rank by growth among US county-equivalents1719th of 3,144
The county has grown 0.31 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Carroll County
Where are people moving to Carroll County from?
- Tax returns filed by households arriving710
- People arriving, from those returns1,321
- Tax returns filed by households leaving564
- Net household movement146
- Adjusted gross income arriving$39.2 m
- Net adjusted gross income movement$15.9 m
- Average income of an arriving household$55,213
- Average income of a leaving household$41,298
- Largest single originGalax city (82 households)
- Largest single destinationGalax city (78 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Galax city | 82 | 164 | $4.1 m |
| Grayson County | 73 | 125 | $2.3 m |
| Surry County | 56 | 112 | $1.9 m |
| Wythe County | 46 | 92 | $1.6 m |
| Montgomery County | 20 | 38 | $1.5 m |
Households arriving report $13,915 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Galax city, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Carroll County
Employment by industry in Carroll County
- Covered employment, annual average5,796
- Establishments reporting654
- Average annual pay$40,868
- Average weekly wage$786
- Retail trade, employment724
- Retail trade, average annual pay$31,053
- Manufacturing, employment639
- Manufacturing, average annual pay$43,151
- Wholesale trade, employment249
- Wholesale trade, average annual pay$42,145
- Construction, employment225
- Construction, average annual pay$54,141
- Professional, scientific and technical services, employment198
- Other services, except public administration, employment150
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Retail trade | 724 | 74 | $31,053 |
| Manufacturing | 639 | 29 | $43,151 |
| Wholesale trade | 249 | 22 | $42,145 |
| Construction | 225 | 50 | $54,141 |
| Professional, scientific and technical services | 198 | 61 | $52,922 |
| Other services, except public administration | 150 | 42 | $52,706 |
| Finance and insurance | 67 | 21 | $46,924 |
| Real estate and rental and leasing | 16 | 12 | $54,388 |
Retail trade is the largest private sector at 724 jobs, 12.5 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Carroll County
How many businesses are in Carroll County?
- Establishments, all industries431
- Employment at those establishments4,848
- Annual payroll$173.8 m
- Establishments per 1,000 residents14.8
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Carroll County
Building permits in Carroll County
- Housing units authorized by permit, 202482
- Declared construction value permitted$17.4 m
- Single family units authorized82
- Multifamily units authorized0
- Multifamily share of units0.0 percent
- Average declared value per unit$211,706
- Units authorized per 1,000 households6.5
Single-family homes are 100.0 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Carroll County
SBA loans in Carroll County (7(a) and 504)
- 7(a) approvals recorded21
- 7(a) gross approval dollars$14.9 m
- Average 7(a) approval$707,576
- Median 7(a) approval$260,000
- 10th percentile approval$80,000
- 90th percentile approval$1,910,000
- Largest single approval$4,035,000
- Jobs reported supported, 7(a)238
- Jobs per approval11.3
- Distinct 7(a) lenders active9
- Distinct industries receiving approvals13
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer28.6 percent
- Loans on real estate terms6
- Loans on working capital terms, 120 months or shorter14
- Franchise loans2
- Franchise share of approvals9.5 percent
- Leading industry by approval countLandscaping Services (5)
- Most active lenderSkyline National Bank (8)
- 504 approvals recorded1
- 504 gross approval dollars$953,000
- Average 504 approval$953,000
- Median 504 approval$953,000
- Distinct CDCs active1
- 504 jobs per approval0.0
- 504 jobs per million dollars approved0.0
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$15.8 m
The average approval of $707,576 sits well above the median of $260,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 28.6 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Carroll County
SBA loan default and charge-off rates in Carroll County
Do SBA loans in Carroll County get paid back?
- Loans with a final outcome recorded7
- Paid in full7
- Charged off0
- Status: Paid in full7
- Status: Exempt from disclosure12
- Status: Cancelled2
Only 7 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Carroll County
SBA lending by place in Carroll County
- Borrower cities with recorded lending7
- Galax, approvals6
- Hillsville, approvals5
- Fancy Gap, approvals4
- Woodlawn, approvals2
- Cana, approvals2
- Virginia Beach, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Galax | 6 | $2,598,000 |
| Hillsville | 5 | $6,219,400 |
| Fancy Gap | 4 | $1,118,000 |
| Woodlawn | 2 | $339,000 |
| Cana | 2 | $218,000 |
| Virginia Beach | 1 | $4,035,000 |
| Lambsburg | 1 | $331,700 |
Galax accounts for 6 approvals against 5 in Hillsville. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Carroll County
How large is Carroll County?
- Land area475 sq mi
- Rank by land area among Virginia counties28th of 133
- Width, east to west32.1 mi
- Height, north to south25.8 mi
- Geographies sharing a boundary7
- Residents per square mile of land61
- Establishments per square mile0.91
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Carroll County
Flood risk in Carroll County
- Participation of the county's own NFIP community Carroll County, unincorporated areasParticipating, community 510197
- Communities in the county in the NFIP Community Status Book2
- Of those, participating in the NFIP2
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Carroll County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The county's own community in the status book, unincorporated Carroll County (community 510197), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Carroll County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Carroll County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Carroll County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202429,157
- Households12,576
- Average household size2.32
- Median household income$54,484
- Median age49.4
Common questions
Carroll County questions, answered from the record.
How many people live in Carroll County, Virginia?
The Census Bureau estimates 29,242 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 29,157, in 12,576 households, ranking 60th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Carroll County's population growing?
The population has grown 0.31 percent since the 2020 census base of 29,153, to 29,242 on July 1, 2024. In 2024 there were 214 births against 442 deaths, with net migration of 267. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Carroll County?
$54,484. The median owner-occupied home is valued at $156,500, which is 2.9 times income, and median gross rent is $738 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Carroll County?
431 establishments, employing 4,848 people with an annual payroll of $173.8 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Carroll County?
Retail trade is the largest private sector at 724 jobs, 12.5 percent of covered employment. Covered employment averages 5,796 jobs at an average annual pay of $40,868, or $786 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Carroll County?
21 7(a) approvals totaling $14.9 m since FY2020, across 9 lenders, with a median approval of $260,000, plus 1 504 approvals worth $953,000 since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Carroll County?
82 housing units were authorized by permit in 2024, with a declared construction value of $17.4 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Carroll County?
Zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Carroll County come from?
The largest single origin is Galax city, with 82 households. Arriving households report an average income of $55,213 against $41,298 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Carroll County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Carroll County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Carroll County
Cities and places in Carroll.
5 Census places lie wholly or partly in Carroll County. All 5 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Hillsville | town | 2,864 | 5 | Wholly in this county |
| Woodlawn | CDP | 2,250 | 2 | Wholly in this county |
| Cana | CDP | 964 | 2 | Wholly in this county |
| Hilltown | CDP | 302 | None recorded | 33.4 percent here, 66.6 percent Grayson County |
| Fancy Gap | CDP | 214 | 4 | Wholly in this county |
A further 8 of the county's 21 SBA 7(a) approvals are to borrowers in cities that match no Census place in Carroll County, the largest being Galax (6), Virginia Beach (1), Lambsburg (1). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.