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 | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,055 | $257,048 | $242,182 |
| Price Trend (Annual %) | -0.5% | 4.1% | 8.2% |
| Median Gross Rent | $873 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Buckingham County is about 54% lower than in Virginia. Rent is about 42% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Buckingham County: home prices fell about 0.5% a year while rent rose about 3.4% a year. That is an unusual pattern worth watching.
Median rent in Buckingham County rose about 27.7% between 2015 and 2023, from $684 to $873. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Buckingham County.
Buying the median-priced home in Buckingham County costs roughly 11.3 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 Buckingham County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $118,055 | $257,048 | $242,182 |
| Median Household Income | $59,548 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Buckingham County fell about 27.9%, while median household income rose about 59.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.1% | 61.1% | 58.2% |
| Rental Rate | 19.8% | 29.9% | 31.3% |
| Vacancy Rate | 16.2% | 9.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Buckingham County has a homeownership rate of 64.1%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 16.2%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Buckingham County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1986 | 1981 | 1978 |
| Median Number of Rooms | 5.7 | 6.0 | 5.5 |
The typical housing unit in Buckingham County was built around 1986. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Buckingham County, Virginia.
What is the median home price in Buckingham County, Virginia?
The median home price in Buckingham County, Virginia is $118,055, lower than the Virginia average of $257,048.
What is the average home price in Buckingham 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 Buckingham County, Virginia?
The median gross rent in Buckingham County, Virginia is $873 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Buckingham County in 2020?
In 2020, the median gross rent in Buckingham County, Virginia was $784 per month.
What is the price-to-rent ratio in Buckingham County, Virginia?
The price-to-rent ratio in Buckingham County, Virginia is about 11.3, meaning it would take roughly 11.3 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 Buckingham County.
Are home prices or rent rising faster in Buckingham County, Virginia?
Home prices and rent are moving in opposite directions in Buckingham County: home prices fell about 0.5% a year while rent rose about 3.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Buckingham County, Virginia?
64.1% of households in Buckingham County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Buckingham County, Virginia?
The housing vacancy rate in Buckingham County, Virginia is 16.2%, higher than the Virginia average of 9.0%.