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 | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $251,819 | $257,048 | $242,182 |
| Price Trend (Annual %) | 6.8% | 4.1% | 8.2% |
| Median Gross Rent | $1,542 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chesterfield County is about 2% lower than in Virginia. Rent is about 2% higher 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 Chesterfield County, up about 6.8% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Chesterfield County rose about 37.4% between 2015 and 2023, from $1,122 to $1,542. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Chesterfield County.
Buying the median-priced home in Chesterfield County costs roughly 13.6 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 Chesterfield County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $251,819 | $257,048 | $242,182 |
| Median Household Income | $98,980 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chesterfield County rose about 53.9%, while median household income rose about 38.3% between 2009 and 2023 — 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 | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.3% | 61.1% | 58.2% |
| Rental Rate | 21.8% | 29.9% | 31.3% |
| Vacancy Rate | 3.9% | 9.0% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Chesterfield County has a homeownership rate of 74.3%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 3.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Chesterfield County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.68 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 7.0 | 6.0 | 5.5 |
The typical housing unit in Chesterfield County was built around 1984. On average, 2.7 people live in a home with about 7.0 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chesterfield County, Virginia.
What is the median home price in Chesterfield County, Virginia?
The median home price in Chesterfield County, Virginia is $251,819, lower than the Virginia average of $257,048.
What is the average home price in Chesterfield 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 Chesterfield County, Virginia?
The median gross rent in Chesterfield County, Virginia is $1,542 per month, higher than the Virginia average of $1,514.
What was the median gross rent in Chesterfield County in 2020?
In 2020, the median gross rent in Chesterfield County, Virginia was $1,266 per month.
What is the price-to-rent ratio in Chesterfield County, Virginia?
The price-to-rent ratio in Chesterfield County, Virginia is about 13.6, meaning it would take roughly 13.6 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 Chesterfield County.
Are home prices or rent rising faster in Chesterfield County, Virginia?
Both home prices and rent are rising in Chesterfield County, up about 6.8% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chesterfield County, Virginia?
74.3% of households in Chesterfield County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Chesterfield County, Virginia?
The housing vacancy rate in Chesterfield County, Virginia is 3.9%, lower than the Virginia average of 9.0%.