Henrico County, Virginia Housing Market Prices
Henrico County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 24% above the Virginia median$316,992
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Median rent 2% below the Virginia median More expensive than 81% of counties in Virginia$1,541
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $316,992 | $256,082 | $248,835 |
| Price Trend (Annual %) | 9.9% | 3.5% | 7.5% |
| Median Gross Rent | $1,541 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Henrico County is about 24% higher than in Virginia. Rent is about 2% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Henrico County, up about 9.9% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Henrico County rose about 48.9% between 2015 and 2024, from $1,035 to $1,541. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Henrico County.
Buying the median-priced home in Henrico County costs roughly 17.1 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 Henrico County. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $316,992 | $256,082 | $248,835 |
| Median Household Income | $89,133 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.6 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Henrico County rose about 111.9%, while median household income rose about 39.9% between 2009 and 2025 — 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 | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.1% | 61.5% | 58.5% |
| Rental Rate | 33.7% | 29.8% | 31.2% |
| Vacancy Rate | 5.2% | 8.7% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Henrico County has a homeownership rate of 61.1%, about the same as the Virginia average of 61.5%. Its housing vacancy rate is 5.2%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Henrico County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1982 | 1982 | 1978 |
| Median Number of Rooms | 6.1 | 6.0 | 5.5 |
The typical housing unit in Henrico County was built around 1982. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 14.0 years on average.
Henrico County, VA Housing Compared With Nearby Counties
How Henrico County, VA compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Henrico County, VA | 335,485 | $316,992 #2/3 | $1,541 #3/3 | 64.5% #3/3 |
| Hanover County, VA | 112,800 | $392,187 | $1,591 | 82.1% |
| Chesterfield County, VA | 377,744 | $259,447 | $1,629 | 76.7% |
Frequently Asked Questions
Common questions about the housing market in Henrico County, Virginia.
What is the median home price in Henrico County, Virginia?
The median home price in Henrico County, Virginia is $316,992, higher than the Virginia average of $256,082.
What is the average home price in Henrico County, Virginia?
The typical home price in Henrico County, Virginia, reported as the median sale price, is $316,992. 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 Henrico County, Virginia?
The median gross rent in Henrico County, Virginia is $1,541 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Henrico County in 2020?
In 2020, the median gross rent in Henrico County, Virginia was $1,191 per month.
What is the price-to-rent ratio in Henrico County, Virginia?
The price-to-rent ratio in Henrico County, Virginia is about 17.1, meaning it would take roughly 17.1 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 Henrico County.
Are home prices or rent rising faster in Henrico County, Virginia?
Both home prices and rent are rising in Henrico County, up about 9.9% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Henrico County, Virginia?
61.1% of households in Henrico County, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Henrico County, Virginia?
The housing vacancy rate in Henrico County, Virginia is 5.2%, lower than the Virginia average of 8.7%.
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