Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $386,352 | $257,048 | $242,182 |
| Price Trend (Annual %) | 17.0% | 4.1% | 8.2% |
| Median Gross Rent | $1,623 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Albemarle County is about 50% higher than in Virginia. Rent is about 7% higher than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Albemarle County, up about 17.0% and 5.0% a year respectively. Home prices are changing faster.
Median rent in Albemarle County rose about 45.4% between 2015 and 2023, from $1,116 to $1,623. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Albemarle County.
Buying the median-priced home in Albemarle County costs roughly 19.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Albemarle County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $386,352 | $257,048 | $242,182 |
| Median Household Income | $102,793 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.8 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Albemarle County rose about 91.8%, while median household income rose about 59.4% between 2009 and 2023 — 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 | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.5% | 61.1% | 58.2% |
| Rental Rate | 31.7% | 29.9% | 31.3% |
| Vacancy Rate | 6.8% | 9.0% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Albemarle County has a homeownership rate of 61.5%, about the same as the Virginia average of 61.1%. Its housing vacancy rate is 6.8%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Albemarle County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1985 | 1981 | 1978 |
| Median Number of Rooms | 6.3 | 6.0 | 5.5 |
The typical housing unit in Albemarle County was built around 1985. On average, 2.3 people live in a home with about 6.3 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Albemarle County, Virginia.
What is the median home price in Albemarle County, Virginia?
The median home price in Albemarle County, Virginia is $386,352, higher than the Virginia average of $257,048.
What is the average home price in Albemarle County, Virginia?
The typical home price in %s, reported as the median sale price, is %s. 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 Albemarle County, Virginia?
The median gross rent in Albemarle County, Virginia is $1,623 per month, higher than the Virginia average of $1,514.
What was the median gross rent in Albemarle County in 2020?
In 2020, the median gross rent in Albemarle County, Virginia was $1,348 per month.
What is the price-to-rent ratio in Albemarle County, Virginia?
The price-to-rent ratio in Albemarle County, Virginia is about 19.8, meaning it would take roughly 19.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Albemarle County.
Are home prices or rent rising faster in Albemarle County, Virginia?
Both home prices and rent are rising in Albemarle County, up about 17.0% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Albemarle County, Virginia?
61.5% of households in Albemarle County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Albemarle County, Virginia?
The housing vacancy rate in Albemarle County, Virginia is 6.8%, lower than the Virginia average of 9.0%.