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 | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,758 | $257,048 | $242,182 |
| Price Trend (Annual %) | 12.2% | 4.1% | 8.2% |
| Median Gross Rent | $725 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lee County is about 42% lower than in Virginia. Rent is about 52% 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 Lee County, up about 12.2% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Lee County rose about 46.0% between 2015 and 2023, from $496 to $725. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Lee County.
Buying the median-priced home in Lee 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 Lee County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $148,758 | $257,048 | $242,182 |
| Median Household Income | $41,924 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.5 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lee County rose about 62.3%, while median household income rose about 40.5% 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 | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.5% | 61.1% | 58.2% |
| Rental Rate | 20.3% | 29.9% | 31.3% |
| Vacancy Rate | 22.2% | 9.0% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Lee County has a homeownership rate of 57.5%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 22.2%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1978 | 1981 | 1978 |
| Median Number of Rooms | 5.6 | 6.0 | 5.5 |
The typical housing unit in Lee County was built around 1978. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lee County, Virginia.
What is the median home price in Lee County, Virginia?
The median home price in Lee County, Virginia is $148,758, lower than the Virginia average of $257,048.
What is the average home price in Lee 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 Lee County, Virginia?
The median gross rent in Lee County, Virginia is $725 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Lee County in 2020?
In 2020, the median gross rent in Lee County, Virginia was $551 per month.
What is the price-to-rent ratio in Lee County, Virginia?
The price-to-rent ratio in Lee 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 Lee County.
Are home prices or rent rising faster in Lee County, Virginia?
Both home prices and rent are rising in Lee County, up about 12.2% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lee County, Virginia?
57.5% of households in Lee County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Lee County, Virginia?
The housing vacancy rate in Lee County, Virginia is 22.2%, higher than the Virginia average of 9.0%.