Cave Spring, Virginia Housing Market Prices
Cave Spring Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 85% below the Virginia median$38,103
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Median rent 18% below the Virginia median$1,296
Housing Market Overview
| Metric | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $38,103 | $256,082 | $248,835 |
| Price Trend (Annual %) | -12.8% | 3.5% | 7.5% |
| Median Gross Rent | $1,296 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cave Spring is about 85% lower than in Virginia. Rent is about 18% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Cave Spring: home prices fell about 12.8% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
Median rent in Cave Spring rose about 45.9% between 2015 and 2024, from $889 to $1,296. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Cave Spring.
Buying the median-priced home in Cave Spring costs roughly 2.4 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 Cave Spring. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $38,103 | $256,082 | $248,835 |
| Median Household Income | $83,579 | $93,527 | $80,455 |
| Price-to-Income Ratio | 0.5 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cave Spring fell about 89.0%, while median household income rose about 31.6% between 2009 and 2025 — 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 | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.8% | 61.5% | 58.5% |
| Rental Rate | 29.5% | 29.8% | 31.2% |
| Vacancy Rate | 5.7% | 8.7% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Cave Spring has a homeownership rate of 64.8%, higher than the Virginia average of 61.5%. Its housing vacancy rate is 5.7%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Cave Spring | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1976 | 1982 | 1978 |
| Median Number of Rooms | 6.4 | 6.0 | 5.5 |
The typical housing unit in Cave Spring was built around 1976. On average, 2.3 people live in a home with about 6.4 rooms, staying for about 13.0 years on average.
Cave Spring, VA Housing Compared With Nearby Cities
How Cave Spring, VA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Cave Spring, VA | 23,140 | $38,103 #2/2 | $1,296 #1/2 | 68.7% #1/2 |
| Roanoke, VA | 98,343 | $196,627 | $995 | 52.4% |
Frequently Asked Questions
Common questions about the housing market in Cave Spring, Virginia.
What is the median home price in Cave Spring, Virginia?
The median home price in Cave Spring, Virginia is $38,103, lower than the Virginia average of $256,082.
What is the average home price in Cave Spring, Virginia?
The typical home price in Cave Spring, Virginia, reported as the median sale price, is $38,103. 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 Cave Spring, Virginia?
The median gross rent in Cave Spring, Virginia is $1,296 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Cave Spring in 2020?
In 2020, the median gross rent in Cave Spring, Virginia was $965 per month.
What is the price-to-rent ratio in Cave Spring, Virginia?
The price-to-rent ratio in Cave Spring, Virginia is about 2.4, meaning it would take roughly 2.4 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 Cave Spring.
Are home prices or rent rising faster in Cave Spring, Virginia?
Home prices and rent are moving in opposite directions in Cave Spring: home prices fell about 12.8% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Cave Spring, Virginia?
64.8% of households in Cave Spring, Virginia own their home, higher than the Virginia average of 61.5%.
What is the vacancy rate in Cave Spring, Virginia?
The housing vacancy rate in Cave Spring, Virginia is 5.7%, lower than the Virginia average of 8.7%.
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