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 | Northumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $315,517 | $257,048 | $242,182 |
| Price Trend (Annual %) | 12.2% | 4.1% | 8.2% |
| Median Gross Rent | $1,053 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 6.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Northumberland County is about 23% higher than in Virginia. Rent is about 30% 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 Northumberland County, up about 12.2% and 6.8% a year respectively. Home prices are changing faster.
Median rent in Northumberland County rose about 46.3% between 2015 and 2023, from $719 to $1,053. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Northumberland County.
Buying the median-priced home in Northumberland County costs roughly 25.0 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 Northumberland County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Northumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $315,517 | $257,048 | $242,182 |
| Median Household Income | $72,025 | $91,409 | $78,145 |
| Price-to-Income Ratio | 4.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Northumberland County rose about 82.1%, while median household income rose about 42.9% 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 | Northumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.9% | 61.1% | 58.2% |
| Rental Rate | 6.5% | 29.9% | 31.3% |
| Vacancy Rate | 39.7% | 9.0% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Northumberland County has a homeownership rate of 53.9%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 39.7%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Northumberland County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1988 | 1981 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Northumberland County was built around 1988. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Northumberland County, Virginia.
What is the median home price in Northumberland County, Virginia?
The median home price in Northumberland County, Virginia is $315,517, higher than the Virginia average of $257,048.
What is the average home price in Northumberland 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 Northumberland County, Virginia?
The median gross rent in Northumberland County, Virginia is $1,053 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Northumberland County in 2020?
In 2020, the median gross rent in Northumberland County, Virginia was $1,014 per month.
What is the price-to-rent ratio in Northumberland County, Virginia?
The price-to-rent ratio in Northumberland County, Virginia is about 25.0, meaning it would take roughly 25.0 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 Northumberland County.
Are home prices or rent rising faster in Northumberland County, Virginia?
Both home prices and rent are rising in Northumberland County, up about 12.2% and 6.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Northumberland County, Virginia?
53.9% of households in Northumberland County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Northumberland County, Virginia?
The housing vacancy rate in Northumberland County, Virginia is 39.7%, higher than the Virginia average of 9.0%.