Charlottesville, Virginia Housing Market Prices
Charlottesville 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 78% above the Virginia median$454,651
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Median rent 2% below the Virginia median$1,540
Housing Market Overview
| Metric | Charlottesville | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $454,651 | $256,082 | $248,835 |
| Price Trend (Annual %) | 7.3% | 3.5% | 7.5% |
| Median Gross Rent | $1,540 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 5.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Charlottesville is about 78% higher than in Virginia. Rent is about 2% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Charlottesville, up about 7.3% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Charlottesville rose about 54.5% between 2015 and 2024, from $997 to $1,540. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 6.1 yearly household incomes in Charlottesville.
Buying the median-priced home in Charlottesville costs roughly 24.6 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 Charlottesville. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Charlottesville | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $454,651 | $256,082 | $248,835 |
| Median Household Income | $74,881 | $93,527 | $80,455 |
| Price-to-Income Ratio | 6.1 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Charlottesville rose about 139.2%, while median household income rose about 88.1% between 2009 and 2025 — 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 | Charlottesville | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.6% | 61.5% | 58.5% |
| Rental Rate | 51.1% | 29.8% | 31.2% |
| Vacancy Rate | 8.3% | 8.7% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Charlottesville has a homeownership rate of 40.6%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 8.3%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Charlottesville | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1971 | 1982 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Charlottesville was built around 1971. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Charlottesville, Virginia.
What is the median home price in Charlottesville, Virginia?
The median home price in Charlottesville, Virginia is $454,651, higher than the Virginia average of $256,082.
What is the average home price in Charlottesville, Virginia?
The typical home price in Charlottesville, Virginia, reported as the median sale price, is $454,651. 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 Charlottesville, Virginia?
The median gross rent in Charlottesville, Virginia is $1,540 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Charlottesville in 2020?
In 2020, the median gross rent in Charlottesville, Virginia was $1,187 per month.
What is the price-to-rent ratio in Charlottesville, Virginia?
The price-to-rent ratio in Charlottesville, Virginia is about 24.6, meaning it would take roughly 24.6 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 Charlottesville.
Are home prices or rent rising faster in Charlottesville, Virginia?
Both home prices and rent are rising in Charlottesville, up about 7.3% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Charlottesville, Virginia?
40.6% of households in Charlottesville, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Charlottesville, Virginia?
The housing vacancy rate in Charlottesville, Virginia is 8.3%, lower than the Virginia average of 8.7%.
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