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 | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,722 | $257,048 | $242,182 |
| Price Trend (Annual %) | -3.4% | 4.1% | 8.2% |
| Median Gross Rent | $847 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 0.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cumberland County is about 28% lower than in Virginia. Rent is about 44% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2018-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Cumberland County: home prices fell about 3.4% a year while rent rose about 0.3% a year. That is an unusual pattern worth watching.
Median rent in Cumberland County fell about 2.3% between 2015 and 2023, from $866 to $847. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Cumberland County.
Buying the median-priced home in Cumberland County costs roughly 18.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cumberland County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $184,722 | $257,048 | $242,182 |
| Median Household Income | $57,144 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.2 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2018 and 2023, the median home price in Cumberland County fell about 17.9%, while median household income rose about 48.1% 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 | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.1% | 61.1% | 58.2% |
| Rental Rate | 21.8% | 29.9% | 31.3% |
| Vacancy Rate | 11.1% | 9.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Cumberland County has a homeownership rate of 67.1%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 11.1%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Cumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1981 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Cumberland County was built around 1981. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cumberland County, Virginia.
What is the median home price in Cumberland County, Virginia?
The median home price in Cumberland County, Virginia is $184,722, lower than the Virginia average of $257,048.
What is the average home price in Cumberland 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 Cumberland County, Virginia?
The median gross rent in Cumberland County, Virginia is $847 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Cumberland County in 2020?
In 2020, the median gross rent in Cumberland County, Virginia was $705 per month.
What is the price-to-rent ratio in Cumberland County, Virginia?
The price-to-rent ratio in Cumberland County, Virginia is about 18.2, meaning it would take roughly 18.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cumberland County.
Are home prices or rent rising faster in Cumberland County, Virginia?
Home prices and rent are moving in opposite directions in Cumberland County: home prices fell about 3.4% a year while rent rose about 0.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Cumberland County, Virginia?
67.1% of households in Cumberland County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Cumberland County, Virginia?
The housing vacancy rate in Cumberland County, Virginia is 11.1%, higher than the Virginia average of 9.0%.