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 | Gloucester County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $190,476 | $257,048 | $242,182 |
| Price Trend (Annual %) | 1.0% | 4.1% | 8.2% |
| Median Gross Rent | $1,143 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gloucester County is about 26% lower than in Virginia. Rent is about 24% lower 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 Gloucester County, up about 1.0% and 3.8% a year respectively. Rent is changing faster.
Median rent in Gloucester County rose about 31.1% between 2015 and 2023, from $872 to $1,143. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Gloucester County.
Buying the median-priced home in Gloucester County costs roughly 13.9 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 Gloucester County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Gloucester County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $190,476 | $257,048 | $242,182 |
| Median Household Income | $82,970 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gloucester County fell about 54.4%, while median household income rose about 43.7% 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 | Gloucester County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.1% | 61.1% | 58.2% |
| Rental Rate | 17.7% | 29.9% | 31.3% |
| Vacancy Rate | 12.2% | 9.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Gloucester County has a homeownership rate of 70.1%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 12.2%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Gloucester County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1988 | 1981 | 1978 |
| Median Number of Rooms | 6.1 | 6.0 | 5.5 |
The typical housing unit in Gloucester County was built around 1988. On average, 2.6 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gloucester County, Virginia.
What is the median home price in Gloucester County, Virginia?
The median home price in Gloucester County, Virginia is $190,476, lower than the Virginia average of $257,048.
What is the average home price in Gloucester 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 Gloucester County, Virginia?
The median gross rent in Gloucester County, Virginia is $1,143 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Gloucester County in 2020?
In 2020, the median gross rent in Gloucester County, Virginia was $1,045 per month.
What is the price-to-rent ratio in Gloucester County, Virginia?
The price-to-rent ratio in Gloucester County, Virginia is about 13.9, meaning it would take roughly 13.9 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 Gloucester County.
Are home prices or rent rising faster in Gloucester County, Virginia?
Both home prices and rent are rising in Gloucester County, up about 1.0% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Gloucester County, Virginia?
70.1% of households in Gloucester County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Gloucester County, Virginia?
The housing vacancy rate in Gloucester County, Virginia is 12.2%, higher than the Virginia average of 9.0%.