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 | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $39,335 | $257,048 | $242,182 |
| Price Trend (Annual %) | -8.1% | 4.1% | 8.2% |
| Median Gross Rent | $950 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Nelson County is about 85% lower than in Virginia. Rent is about 37% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Nelson County: home prices fell about 8.1% a year while rent rose about 5.2% a year. That is an unusual pattern worth watching.
Median rent in Nelson County rose about 34.1% between 2015 and 2023, from $708 to $950. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 0.6 yearly household incomes in Nelson County.
Buying the median-priced home in Nelson County costs roughly 3.5 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 Nelson County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $39,335 | $257,048 | $242,182 |
| Median Household Income | $71,389 | $91,409 | $78,145 |
| Price-to-Income Ratio | 0.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Nelson County fell about 92.3%, while median household income rose about 60.7% 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 | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.5% | 61.1% | 58.2% |
| Rental Rate | 13.5% | 29.9% | 31.3% |
| Vacancy Rate | 35.0% | 9.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Nelson County has a homeownership rate of 51.5%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 35.0%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Nelson County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1982 | 1981 | 1978 |
| Median Number of Rooms | 5.8 | 6.0 | 5.5 |
The typical housing unit in Nelson County was built around 1982. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Nelson County, Virginia.
What is the median home price in Nelson County, Virginia?
The median home price in Nelson County, Virginia is $39,335, lower than the Virginia average of $257,048.
What is the average home price in Nelson 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 Nelson County, Virginia?
The median gross rent in Nelson County, Virginia is $950 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Nelson County in 2020?
In 2020, the median gross rent in Nelson County, Virginia was $834 per month.
What is the price-to-rent ratio in Nelson County, Virginia?
The price-to-rent ratio in Nelson County, Virginia is about 3.5, meaning it would take roughly 3.5 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 Nelson County.
Are home prices or rent rising faster in Nelson County, Virginia?
Home prices and rent are moving in opposite directions in Nelson County: home prices fell about 8.1% a year while rent rose about 5.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Nelson County, Virginia?
51.5% of households in Nelson County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Nelson County, Virginia?
The housing vacancy rate in Nelson County, Virginia is 35.0%, higher than the Virginia average of 9.0%.