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 | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $131,252 | $257,048 | $242,182 |
| Price Trend (Annual %) | 7.4% | 4.1% | 8.2% |
| Median Gross Rent | $1,200 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 2.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Caroline County is about 49% lower than in Virginia. Rent is about 21% 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 Caroline County, up about 7.4% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Caroline County rose about 14.3% between 2015 and 2023, from $1,050 to $1,200. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Caroline County.
Buying the median-priced home in Caroline County costs roughly 9.1 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 Caroline County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $131,252 | $257,048 | $242,182 |
| Median Household Income | $87,879 | $91,409 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Caroline County fell about 19.4%, while median household income rose about 53.5% 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 | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.2% | 61.1% | 58.2% |
| Rental Rate | 16.8% | 29.9% | 31.3% |
| Vacancy Rate | 8.0% | 9.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Caroline County has a homeownership rate of 75.2%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 8.0%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Caroline County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1992 | 1981 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Caroline County was built around 1992. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Caroline County, Virginia.
What is the median home price in Caroline County, Virginia?
The median home price in Caroline County, Virginia is $131,252, lower than the Virginia average of $257,048.
What is the average home price in Caroline 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 Caroline County, Virginia?
The median gross rent in Caroline County, Virginia is $1,200 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Caroline County in 2020?
In 2020, the median gross rent in Caroline County, Virginia was $961 per month.
What is the price-to-rent ratio in Caroline County, Virginia?
The price-to-rent ratio in Caroline County, Virginia is about 9.1, meaning it would take roughly 9.1 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 Caroline County.
Are home prices or rent rising faster in Caroline County, Virginia?
Both home prices and rent are rising in Caroline County, up about 7.4% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Caroline County, Virginia?
75.2% of households in Caroline County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Caroline County, Virginia?
The housing vacancy rate in Caroline County, Virginia is 8.0%, lower than the Virginia average of 9.0%.