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 | Greene County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $265,113 | $257,048 | $242,182 |
| Price Trend (Annual %) | 60.9% | 4.1% | 8.2% |
| Median Gross Rent | $1,502 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 7.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Greene County is about 3% higher than in Virginia. Rent is about 1% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Greene County, up about 60.9% and 7.8% a year respectively. Home prices are changing faster.
Median rent in Greene County rose about 61.8% between 2015 and 2023, from $928 to $1,502. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Greene County.
Buying the median-priced home in Greene County costs roughly 14.7 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 Greene County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Greene County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $265,113 | $257,048 | $242,182 |
| Median Household Income | $84,911 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Greene County rose about 1.6%, while median household income rose about 58.5% 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 | Greene County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.5% | 61.1% | 58.2% |
| Rental Rate | 18.6% | 29.9% | 31.3% |
| Vacancy Rate | 8.9% | 9.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Greene County has a homeownership rate of 72.5%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 8.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Greene County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.61 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1990 | 1981 | 1978 |
| Median Number of Rooms | 6.3 | 6.0 | 5.5 |
The typical housing unit in Greene County was built around 1990. On average, 2.6 people live in a home with about 6.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Greene County, Virginia.
What is the median home price in Greene County, Virginia?
The median home price in Greene County, Virginia is $265,113, higher than the Virginia average of $257,048.
What is the average home price in Greene 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 Greene County, Virginia?
The median gross rent in Greene County, Virginia is $1,502 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Greene County in 2020?
In 2020, the median gross rent in Greene County, Virginia was $1,154 per month.
What is the price-to-rent ratio in Greene County, Virginia?
The price-to-rent ratio in Greene County, Virginia is about 14.7, meaning it would take roughly 14.7 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 Greene County.
Are home prices or rent rising faster in Greene County, Virginia?
Both home prices and rent are rising in Greene County, up about 60.9% and 7.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Greene County, Virginia?
72.5% of households in Greene County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Greene County, Virginia?
The housing vacancy rate in Greene County, Virginia is 8.9%, lower than the Virginia average of 9.0%.