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 | Galax city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,793 | $257,048 | $242,182 |
| Price Trend (Annual %) | -1.9% | 4.1% | 8.2% |
| Median Gross Rent | $691 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Galax city is about 57% lower than in Virginia. Rent is about 54% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Galax city: home prices fell about 1.9% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Galax city rose about 30.8% between 2015 and 2023, from $528 to $691. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Galax city.
Buying the median-priced home in Galax city costs roughly 13.4 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 Galax city. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Galax city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $110,793 | $257,048 | $242,182 |
| Median Household Income | $40,728 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Galax city fell about 60.1%, while median household income rose about 77.3% 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 | Galax city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.3% | 61.1% | 58.2% |
| Rental Rate | 32.6% | 29.9% | 31.3% |
| Vacancy Rate | 15.1% | 9.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Galax city has a homeownership rate of 52.3%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 15.1%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Galax city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.34 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1971 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 6.0 | 5.5 |
The typical housing unit in Galax city was built around 1971. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Galax city, Virginia.
What is the median home price in Galax city, Virginia?
The median home price in Galax city, Virginia is $110,793, lower than the Virginia average of $257,048.
What is the average home price in Galax city, 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 Galax city, Virginia?
The median gross rent in Galax city, Virginia is $691 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Galax city in 2020?
In 2020, the median gross rent in Galax city, Virginia was $571 per month.
What is the price-to-rent ratio in Galax city, Virginia?
The price-to-rent ratio in Galax city, Virginia is about 13.4, meaning it would take roughly 13.4 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 Galax city.
Are home prices or rent rising faster in Galax city, Virginia?
Home prices and rent are moving in opposite directions in Galax city: home prices fell about 1.9% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Galax city, Virginia?
52.3% of households in Galax city, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Galax city, Virginia?
The housing vacancy rate in Galax city, Virginia is 15.1%, higher than the Virginia average of 9.0%.