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 | Charles City County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,499 | $257,048 | $242,182 |
| Price Trend (Annual %) | 1.2% | 4.1% | 8.2% |
| Median Gross Rent | $1,076 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Charles City County is about 37% lower than in Virginia. Rent is about 29% 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 Charles City County, up about 1.2% and 3.2% a year respectively. Rent is changing faster.
Median rent in Charles City County rose about 23.6% between 2015 and 2023, from $871 to $1,076. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Charles City County.
Buying the median-priced home in Charles City County costs roughly 12.6 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 Charles City County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Charles City County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,499 | $257,048 | $242,182 |
| Median Household Income | $71,184 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Charles City County rose about 0.4%, while median household income rose about 43.2% 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 | Charles City County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 77.3% | 61.1% | 58.2% |
| Rental Rate | 12.8% | 29.9% | 31.3% |
| Vacancy Rate | 9.9% | 9.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Charles City County has a homeownership rate of 77.3%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 9.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Charles City County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1989 | 1981 | 1978 |
| Median Number of Rooms | 6.1 | 6.0 | 5.5 |
The typical housing unit in Charles City County was built around 1989. On average, 2.3 people live in a home with about 6.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Charles City County, Virginia.
What is the median home price in Charles City County, Virginia?
The median home price in Charles City County, Virginia is $162,499, lower than the Virginia average of $257,048.
What is the average home price in Charles City 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 Charles City County, Virginia?
The median gross rent in Charles City County, Virginia is $1,076 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Charles City County in 2020?
In 2020, the median gross rent in Charles City County, Virginia was $840 per month.
What is the price-to-rent ratio in Charles City County, Virginia?
The price-to-rent ratio in Charles City County, Virginia is about 12.6, meaning it would take roughly 12.6 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 Charles City County.
Are home prices or rent rising faster in Charles City County, Virginia?
Both home prices and rent are rising in Charles City County, up about 1.2% and 3.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Charles City County, Virginia?
77.3% of households in Charles City County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Charles City County, Virginia?
The housing vacancy rate in Charles City County, Virginia is 9.9%, higher than the Virginia average of 9.0%.