Hopewell, Virginia Housing Market Prices
Hopewell 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 20% below the Virginia median$205,580
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Median rent 30% below the Virginia median$1,106
Housing Market Overview
| Metric | Hopewell | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,580 | $256,082 | $248,835 |
| Price Trend (Annual %) | 11.5% | 3.5% | 7.5% |
| Median Gross Rent | $1,106 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hopewell is about 20% lower than in Virginia. Rent is about 30% 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 Hopewell, up about 11.5% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Hopewell rose about 32.5% between 2015 and 2024, from $835 to $1,106. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Hopewell.
Buying the median-priced home in Hopewell costs roughly 15.5 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 Hopewell. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Hopewell | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,580 | $256,082 | $248,835 |
| Median Household Income | $56,431 | $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 Hopewell rose about 35.9%, while median household income rose about 24.2% 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 | Hopewell | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.3% | 61.5% | 58.5% |
| Rental Rate | 37.2% | 29.8% | 31.2% |
| Vacancy Rate | 11.4% | 8.7% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Hopewell has a homeownership rate of 51.3%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 11.4%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Hopewell | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1968 | 1982 | 1978 |
| Median Number of Rooms | 5.8 | 6.0 | 5.5 |
The typical housing unit in Hopewell was built around 1968. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 13.0 years on average.
Hopewell, VA Housing Compared With Nearby Cities
How Hopewell, VA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Hopewell, VA | 22,899 | $205,580 #1/2 | $1,106 #2/2 | 57.9% #1/2 |
| Petersburg, VA | 33,537 | $152,734 | $1,173 | 38.6% |
Frequently Asked Questions
Common questions about the housing market in Hopewell, Virginia.
What is the median home price in Hopewell, Virginia?
The median home price in Hopewell, Virginia is $205,580, lower than the Virginia average of $256,082.
What is the average home price in Hopewell, Virginia?
The typical home price in Hopewell, Virginia, reported as the median sale price, is $205,580. 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 Hopewell, Virginia?
The median gross rent in Hopewell, Virginia is $1,106 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Hopewell in 2020?
In 2020, the median gross rent in Hopewell, Virginia was $920 per month.
What is the price-to-rent ratio in Hopewell, Virginia?
The price-to-rent ratio in Hopewell, Virginia is about 15.5, meaning it would take roughly 15.5 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 Hopewell.
Are home prices or rent rising faster in Hopewell, Virginia?
Both home prices and rent are rising in Hopewell, up about 11.5% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hopewell, Virginia?
51.3% of households in Hopewell, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Hopewell, Virginia?
The housing vacancy rate in Hopewell, Virginia is 11.4%, higher than the Virginia average of 8.7%.
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