Norton city, Virginia Housing Market Prices
Norton city 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 63% below the Virginia median Cheaper than 83% of counties in Virginia$95,000
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Median rent 56% below the Virginia median Among the top 3 cheapest counties in Virginia$691
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $95,000 | $256,082 | $248,835 |
| Price Trend (Annual %) | -3.9% | 3.5% | 7.5% |
| Median Gross Rent | $691 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Norton city is about 63% lower than in Virginia. Rent is about 56% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Norton city: home prices fell about 3.9% a year while rent rose about 3.5% a year. That is an unusual pattern worth watching.
Median rent in Norton city rose about 24.2% between 2015 and 2024, from $557 to $691. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Norton city.
Buying the median-priced home in Norton city costs roughly 11.5 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 Norton city. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $95,000 | $256,082 | $248,835 |
| Median Household Income | $42,148 | $93,527 | $80,455 |
| Price-to-Income Ratio | 2.3 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Norton city fell about 65.4%, while median household income rose about 18.1% between 2009 and 2025 — 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 | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.5% | 61.5% | 58.5% |
| Rental Rate | 45.5% | 29.8% | 31.2% |
| Vacancy Rate | 9.0% | 8.7% | 10.2% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Norton city has a homeownership rate of 45.5%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 9.0%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Norton city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1982 | 1982 | 1978 |
| Median Number of Rooms | 5.2 | 6.0 | 5.5 |
The typical housing unit in Norton city was built around 1982. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 18.0 years on average.
Norton city, VA Housing Compared With Nearby Counties
Norton city, VA is the smallest of the 6 counties compared here, 3,577 residents against a local median of 21,488. The measure that sets Norton city, VA apart most is median home price: $95,000, 39% below the local median of $155,318.
Homeownership tells the same story from another angle: 50.0% against a local median of 74.2%, 33% below it. The one measure here that carries a verdict is homeownership, and at 33% below the local median it puts Norton city, VA at the weaker end of the local range. The counties themselves spread $192,339 on median home price, so Norton city, VA sits at one end of an already wide local range rather than apart from it. Norton city, VA has the 4th highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Norton city, VA | 3,577 | $95,000 #4/6 | $691 #5/6 | 50.0% #6/6 |
| Wise County, VA | 35,431 | $64,936 | $789 | 74.2% |
| Scott County, VA | 21,488 | $155,318 | $698 | 77.0% |
| Letcher County, KY | 20,808 | $22,812 | $669 | 74.1% |
| Dickenson County, VA | 13,730 | $204,673 | $737 | 76.1% |
| Sullivan County, TN | 160,624 | $215,151 | $888 | 72.1% |
Frequently Asked Questions
Common questions about the housing market in Norton city, Virginia.
What is the median home price in Norton city, Virginia?
The median home price in Norton city, Virginia is $95,000, lower than the Virginia average of $256,082.
What is the average home price in Norton city, Virginia?
The typical home price in Norton city, Virginia, reported as the median sale price, is $95,000. 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 Norton city, Virginia?
The median gross rent in Norton city, Virginia is $691 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Norton city in 2020?
In 2020, the median gross rent in Norton city, Virginia was $452 per month.
What is the price-to-rent ratio in Norton city, Virginia?
The price-to-rent ratio in Norton city, Virginia is about 11.5, meaning it would take roughly 11.5 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 Norton city.
Are home prices or rent rising faster in Norton city, Virginia?
Home prices and rent are moving in opposite directions in Norton city: home prices fell about 3.9% a year while rent rose about 3.5% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Norton city, Virginia?
45.5% of households in Norton city, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Norton city, Virginia?
The housing vacancy rate in Norton city, Virginia is 9.0%, higher than the Virginia average of 8.7%.
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