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 | Highland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $460,714 | $257,048 | $242,182 |
| Price Trend (Annual %) | 27.4% | 4.1% | 8.2% |
| Median Gross Rent | $859 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 8.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Highland County is about 79% higher than in Virginia. Rent is about 43% 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 Highland County, up about 27.4% and 8.5% a year respectively. Home prices are changing faster.
Median rent in Highland County rose about 81.9% between 2015 and 2023, from $472 to $859. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 7.5 yearly household incomes in Highland County.
Buying the median-priced home in Highland County costs roughly 44.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Highland County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Highland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $460,714 | $257,048 | $242,182 |
| Median Household Income | $61,731 | $91,409 | $78,145 |
| Price-to-Income Ratio | 7.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Highland County rose about 81.0%, while median household income rose about 42.6% between 2009 and 2023 — 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 | Highland County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.1% | 61.1% | 58.2% |
| Rental Rate | 6.5% | 29.9% | 31.3% |
| Vacancy Rate | 45.5% | 9.0% | 10.6% |
| Median Tenure (years) | 23.0 | 15.0 | 15.0 |
| Median Year Moved In | 2003 | 2011 | 2011 |
Highland County has a homeownership rate of 48.1%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 45.5%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Highland County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1975 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Highland County was built around 1975. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 23.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Highland County, Virginia.
What is the median home price in Highland County, Virginia?
The median home price in Highland County, Virginia is $460,714, higher than the Virginia average of $257,048.
What is the average home price in Highland 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 Highland County, Virginia?
The median gross rent in Highland County, Virginia is $859 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Highland County in 2020?
In 2020, the median gross rent in Highland County, Virginia was $669 per month.
What is the price-to-rent ratio in Highland County, Virginia?
The price-to-rent ratio in Highland County, Virginia is about 44.7, meaning it would take roughly 44.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Highland County.
Are home prices or rent rising faster in Highland County, Virginia?
Both home prices and rent are rising in Highland County, up about 27.4% and 8.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Highland County, Virginia?
48.1% of households in Highland County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Highland County, Virginia?
The housing vacancy rate in Highland County, Virginia is 45.5%, higher than the Virginia average of 9.0%.