Vance County, North Carolina Housing Market Prices
Vance County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 51% below the North Carolina median Cheaper than 72% of counties in North Carolina$134,971
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Median rent 28% below the North Carolina median$882
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Vance County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,971 | $278,288 | $248,835 |
| Price Trend (Annual %) | 14.6% | 9.3% | 7.5% |
| Median Gross Rent | $882 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Vance County is about 51% lower than in North Carolina. Rent is about 28% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Vance County, up about 14.6% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Vance County rose about 37.2% between 2015 and 2024, from $643 to $882. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Vance County.
Buying the median-priced home in Vance County costs roughly 12.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Vance County. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Vance County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,971 | $278,288 | $248,835 |
| Median Household Income | $50,361 | $72,438 | $80,455 |
| Price-to-Income Ratio | 2.7 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Vance County rose about 131.2%, while median household income rose about 38.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Vance County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.8% | 58.3% | 58.5% |
| Rental Rate | 33.1% | 29.2% | 31.2% |
| Vacancy Rate | 17.2% | 12.5% | 10.2% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Vance County has a homeownership rate of 49.8%, lower than the North Carolina average of 58.3%. Its housing vacancy rate is 17.2%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Vance County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1980 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Vance County was built around 1980. On average, 2.6 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Vance County, NC Housing Compared With Nearby Counties
Vance County, NC is the 3rd largest of the 5 counties compared here, 42,305 residents against a local median of 50,207. Vance County, NC's median home price, at $134,971, runs 53% below the $286,796 typical of the counties around it.
Homeownership tells the same story from another angle: 60.1% against a local median of 77.2%, 22% below it. The one measure here that carries a verdict is homeownership, and at 22% below the local median it puts Vance County, NC at the weaker end of the local range. The counties themselves spread $1,913,472 on median home price, so Vance County, NC sits at one end of an already wide local range rather than apart from it. Vance County, NC has the 4th highest median home price of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Vance County, NC | 42,305 | $134,971 #4/5 | $882 #3/5 | 60.1% #5/5 |
| Granville County, NC | 60,874 | $113,314 | $1,008 | 77.1% |
| Warren County, NC | 18,783 | $281,001 | $789 | 69.3% |
| Franklin County, NC | 74,421 | $292,591 | $1,083 | 78.6% |
| Person County, NC | 39,541 | $2,026,786 | $864 | 77.3% |
Frequently Asked Questions
Common questions about the housing market in Vance County, North Carolina.
What is the median home price in Vance County, North Carolina?
The median home price in Vance County, North Carolina is $134,971, lower than the North Carolina average of $278,288.
What is the average home price in Vance County, North Carolina?
The typical home price in Vance County, North Carolina, reported as the median sale price, is $134,971. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Vance County, North Carolina?
The median gross rent in Vance County, North Carolina is $882 per month, lower than the North Carolina average of $1,227.
What was the median gross rent in Vance County in 2020?
In 2020, the median gross rent in Vance County, North Carolina was $688 per month.
What is the price-to-rent ratio in Vance County, North Carolina?
The price-to-rent ratio in Vance County, North Carolina is about 12.7, meaning it would take roughly 12.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Vance County.
Are home prices or rent rising faster in Vance County, North Carolina?
Both home prices and rent are rising in Vance County, up about 14.6% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Vance County, North Carolina?
49.8% of households in Vance County, North Carolina own their home, lower than the North Carolina average of 58.3%.
What is the vacancy rate in Vance County, North Carolina?
The housing vacancy rate in Vance County, North Carolina is 17.2%, higher than the North Carolina average of 12.5%.
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