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 | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $166,326 | $257,048 | $242,182 |
| Price Trend (Annual %) | 30.2% | 4.1% | 8.2% |
| Median Gross Rent | $1,312 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Isle of Wight County is about 35% lower than in Virginia. Rent is about 13% 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 Isle of Wight County, up about 30.2% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Isle of Wight County rose about 36.9% between 2015 and 2023, from $959 to $1,312. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Isle of Wight County.
Buying the median-priced home in Isle of Wight County costs roughly 10.6 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 Isle of Wight County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $166,326 | $257,048 | $242,182 |
| Median Household Income | $96,066 | $91,409 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Isle of Wight County fell about 37.8%, while median household income rose about 55.3% 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 | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.6% | 61.1% | 58.2% |
| Rental Rate | 17.1% | 29.9% | 31.3% |
| Vacancy Rate | 8.3% | 9.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Isle of Wight County has a homeownership rate of 74.6%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 8.3%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Isle of Wight County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1986 | 1981 | 1978 |
| Median Number of Rooms | 6.5 | 6.0 | 5.5 |
The typical housing unit in Isle of Wight County was built around 1986. On average, 2.5 people live in a home with about 6.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Isle of Wight County, Virginia.
What is the median home price in Isle of Wight County, Virginia?
The median home price in Isle of Wight County, Virginia is $166,326, lower than the Virginia average of $257,048.
What is the average home price in Isle of Wight 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 Isle of Wight County, Virginia?
The median gross rent in Isle of Wight County, Virginia is $1,312 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Isle of Wight County in 2020?
In 2020, the median gross rent in Isle of Wight County, Virginia was $1,120 per month.
What is the price-to-rent ratio in Isle of Wight County, Virginia?
The price-to-rent ratio in Isle of Wight County, Virginia is about 10.6, meaning it would take roughly 10.6 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 Isle of Wight County.
Are home prices or rent rising faster in Isle of Wight County, Virginia?
Both home prices and rent are rising in Isle of Wight County, up about 30.2% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Isle of Wight County, Virginia?
74.6% of households in Isle of Wight County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Isle of Wight County, Virginia?
The housing vacancy rate in Isle of Wight County, Virginia is 8.3%, lower than the Virginia average of 9.0%.