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 | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $232,030 | $257,048 | $242,182 |
| Price Trend (Annual %) | 9.5% | 4.1% | 8.2% |
| Median Gross Rent | $954 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bedford County is about 10% lower than in Virginia. Rent is about 37% lower 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 Bedford County, up about 9.5% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Bedford County rose about 26.5% between 2015 and 2023, from $754 to $954. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Bedford County.
Buying the median-priced home in Bedford County costs roughly 20.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bedford County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $232,030 | $257,048 | $242,182 |
| Median Household Income | $77,382 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bedford County rose about 62.4%, while median household income rose about 49.2% 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 | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.7% | 61.1% | 58.2% |
| Rental Rate | 13.8% | 29.9% | 31.3% |
| Vacancy Rate | 12.5% | 9.0% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Bedford County has a homeownership rate of 73.7%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 12.5%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Bedford County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1982 | 1981 | 1978 |
| Median Number of Rooms | 6.3 | 6.0 | 5.5 |
The typical housing unit in Bedford County was built around 1982. On average, 2.4 people live in a home with about 6.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bedford County, Virginia.
What is the median home price in Bedford County, Virginia?
The median home price in Bedford County, Virginia is $232,030, lower than the Virginia average of $257,048.
What is the average home price in Bedford 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 Bedford County, Virginia?
The median gross rent in Bedford County, Virginia is $954 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Bedford County in 2020?
In 2020, the median gross rent in Bedford County, Virginia was $855 per month.
What is the price-to-rent ratio in Bedford County, Virginia?
The price-to-rent ratio in Bedford County, Virginia is about 20.3, meaning it would take roughly 20.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Bedford County.
Are home prices or rent rising faster in Bedford County, Virginia?
Both home prices and rent are rising in Bedford County, up about 9.5% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bedford County, Virginia?
73.7% of households in Bedford County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Bedford County, Virginia?
The housing vacancy rate in Bedford County, Virginia is 12.5%, higher than the Virginia average of 9.0%.