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 | Bland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,250 | $257,048 | $242,182 |
| Price Trend (Annual %) | 7.9% | 4.1% | 8.2% |
| Median Gross Rent | $682 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bland County is about 28% lower than in Virginia. Rent is about 55% 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 Bland County, up about 7.9% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Bland County rose about 17.8% between 2015 and 2023, from $579 to $682. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Bland County.
Buying the median-priced home in Bland County costs roughly 22.7 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 Bland County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Bland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $186,250 | $257,048 | $242,182 |
| Median Household Income | $63,201 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.9 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bland County rose about 76.0%, while median household income rose about 50.8% 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 | Bland County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.2% | 61.1% | 58.2% |
| Rental Rate | 14.0% | 29.9% | 31.3% |
| Vacancy Rate | 26.8% | 9.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Bland County has a homeownership rate of 59.2%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 26.8%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Bland County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1971 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 6.0 | 5.5 |
The typical housing unit in Bland County was built around 1971. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bland County, Virginia.
What is the median home price in Bland County, Virginia?
The median home price in Bland County, Virginia is $186,250, lower than the Virginia average of $257,048.
What is the average home price in Bland 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 Bland County, Virginia?
The median gross rent in Bland County, Virginia is $682 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Bland County in 2020?
In 2020, the median gross rent in Bland County, Virginia was $613 per month.
What is the price-to-rent ratio in Bland County, Virginia?
The price-to-rent ratio in Bland County, Virginia is about 22.7, meaning it would take roughly 22.7 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 Bland County.
Are home prices or rent rising faster in Bland County, Virginia?
Both home prices and rent are rising in Bland County, up about 7.9% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bland County, Virginia?
59.2% of households in Bland County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Bland County, Virginia?
The housing vacancy rate in Bland County, Virginia is 26.8%, higher than the Virginia average of 9.0%.