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 | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,389 | $257,048 | $242,182 |
| Price Trend (Annual %) | -2.7% | 4.1% | 8.2% |
| Median Gross Rent | $727 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Craig County is about 31% lower than in Virginia. Rent is about 52% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Craig County: home prices fell about 2.7% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
Median rent in Craig County rose about 33.1% between 2015 and 2023, from $546 to $727. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Craig County.
Buying the median-priced home in Craig County costs roughly 20.2 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 Craig County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,389 | $257,048 | $242,182 |
| Median Household Income | $64,212 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Craig County rose about 168.9%, while median household income rose about 32.3% 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 | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.7% | 61.1% | 58.2% |
| Rental Rate | 12.4% | 29.9% | 31.3% |
| Vacancy Rate | 26.9% | 9.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Craig County has a homeownership rate of 60.7%, about the same as the Virginia average of 61.1%. Its housing vacancy rate is 26.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Craig County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.2 | 6.0 | 5.5 |
The typical housing unit in Craig County was built around 1984. On average, 2.8 people live in a home with about 5.2 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Craig County, Virginia.
What is the median home price in Craig County, Virginia?
The median home price in Craig County, Virginia is $176,389, lower than the Virginia average of $257,048.
What is the average home price in Craig 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 Craig County, Virginia?
The median gross rent in Craig County, Virginia is $727 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Craig County in 2020?
In 2020, the median gross rent in Craig County, Virginia was $611 per month.
What is the price-to-rent ratio in Craig County, Virginia?
The price-to-rent ratio in Craig County, Virginia is about 20.2, meaning it would take roughly 20.2 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 Craig County.
Are home prices or rent rising faster in Craig County, Virginia?
Home prices and rent are moving in opposite directions in Craig County: home prices fell about 2.7% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Craig County, Virginia?
60.7% of households in Craig County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Craig County, Virginia?
The housing vacancy rate in Craig County, Virginia is 26.9%, higher than the Virginia average of 9.0%.