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 | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $257,048 | $242,182 |
| Price Trend (Annual %) | 0.0% | 4.1% | 8.2% |
| Median Gross Rent | $984 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lexington city is about 7% higher than in Virginia. Rent is about 35% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2022-2023
Median Rent Prices, 2015-2023
Both home prices and rent are falling in Lexington city, down about 0.0% and 4.0% a year respectively. Rent is changing faster.
Median rent in Lexington city rose about 32.4% between 2015 and 2023, from $743 to $984. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Lexington city.
Buying the median-priced home in Lexington city costs roughly 23.3 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 Lexington city. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $257,048 | $242,182 |
| Median Household Income | $87,664 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2022 and 2023, the median home price in Lexington city rose about 0.0%, while median household income rose about 158.9% 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 | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.3% | 61.1% | 58.2% |
| Rental Rate | 37.7% | 29.9% | 31.3% |
| Vacancy Rate | 22.0% | 9.0% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Lexington city has a homeownership rate of 40.3%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 22.0%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Lexington city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.02 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1973 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 6.0 | 5.5 |
The typical housing unit in Lexington city was built around 1973. On average, 2.0 people live in a home with about 5.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lexington city, Virginia.
What is the median home price in Lexington city, Virginia?
The median home price in Lexington city, Virginia is $275,000, higher than the Virginia average of $257,048.
What is the average home price in Lexington city, 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 Lexington city, Virginia?
The median gross rent in Lexington city, Virginia is $984 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Lexington city in 2020?
In 2020, the median gross rent in Lexington city, Virginia was $916 per month.
What is the price-to-rent ratio in Lexington city, Virginia?
The price-to-rent ratio in Lexington city, Virginia is about 23.3, meaning it would take roughly 23.3 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 Lexington city.
Are home prices or rent rising faster in Lexington city, Virginia?
Both home prices and rent are falling in Lexington city, down about 0.0% and 4.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Lexington city, Virginia?
40.3% of households in Lexington city, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Lexington city, Virginia?
The housing vacancy rate in Lexington city, Virginia is 22.0%, higher than the Virginia average of 9.0%.