Lee County, Virginia Housing Market Prices
Lee 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 9% above the Virginia median$277,925
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Median rent 53% below the Virginia median Cheaper than 91% of counties in Virginia$737
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $277,925 | $256,082 | $248,835 |
| Price Trend (Annual %) | 21.6% | 3.5% | 7.5% |
| Median Gross Rent | $737 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lee County is about 9% higher than in Virginia. Rent is about 53% 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 Lee County, up about 21.6% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Lee County rose about 48.5% between 2015 and 2024, from $496 to $737. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 6.6 yearly household incomes in Lee County.
Buying the median-priced home in Lee County costs roughly 31.4 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 Lee County. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $277,925 | $256,082 | $248,835 |
| Median Household Income | $42,003 | $93,527 | $80,455 |
| Price-to-Income Ratio | 6.6 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lee County rose about 203.2%, while median household income rose about 33.1% 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 | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.4% | 61.5% | 58.5% |
| Rental Rate | 21.2% | 29.8% | 31.2% |
| Vacancy Rate | 21.4% | 8.7% | 10.2% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Lee County has a homeownership rate of 57.4%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 21.4%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Lee County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1976 | 1982 | 1978 |
| Median Number of Rooms | 5.8 | 6.0 | 5.5 |
The typical housing unit in Lee County was built around 1976. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 20.0 years on average.
Lee County, VA Housing Compared With Nearby Counties
Lee County, VA is the 3rd largest of the 4 counties compared here, 21,899 residents against a local median of 25,771. The measure that sets Lee County, VA apart most is median home price: $277,925, 166% above the local median of $104,521.
The counties themselves spread $206,076 on median home price, so Lee County, VA sits at one end of an already wide local range rather than apart from it. Lee County, VA has the highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lee County, VA | 21,899 | $277,925 #1/4 | $737 #2/4 | 73.0% #3/4 |
| Harlan County, KY | 25,771 | $104,521 | $678 | 71.6% |
| Hawkins County, TN | 57,964 | $228,888 | $784 | 80.1% |
| Letcher County, KY | 20,808 | $22,812 | $669 | 74.1% |
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 $277,925, higher than the Virginia average of $256,082.
What is the average home price in Lee County, Virginia?
The typical home price in Lee County, Virginia, reported as the median sale price, is $277,925. 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 $737 per month, lower than the Virginia average of $1,579.
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 31.4, meaning it would take roughly 31.4 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 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 21.6% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lee County, Virginia?
57.4% of households in Lee County, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Lee County, Virginia?
The housing vacancy rate in Lee County, Virginia is 21.4%, higher than the Virginia average of 8.7%.
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