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 | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,226 | $257,048 | $242,182 |
| Price Trend (Annual %) | 34.1% | 4.1% | 8.2% |
| Median Gross Rent | $721 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Patrick County is about 18% higher than in Virginia. Rent is about 52% 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 Patrick County, up about 34.1% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Patrick County rose about 35.7% between 2015 and 2023, from $531 to $721. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Patrick County.
Buying the median-priced home in Patrick County costs roughly 35.1 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 Patrick County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $303,226 | $257,048 | $242,182 |
| Median Household Income | $51,323 | $91,409 | $78,145 |
| Price-to-Income Ratio | 5.9 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Patrick County rose about 124.9%, while median household income rose about 43.1% 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 | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.1% | 61.1% | 58.2% |
| Rental Rate | 17.8% | 29.9% | 31.3% |
| Vacancy Rate | 22.1% | 9.0% | 10.6% |
| Median Tenure (years) | 21.0 | 15.0 | 15.0 |
| Median Year Moved In | 2005 | 2011 | 2011 |
Patrick County has a homeownership rate of 60.1%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 22.1%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Patrick County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1979 | 1981 | 1978 |
| Median Number of Rooms | 5.4 | 6.0 | 5.5 |
The typical housing unit in Patrick County was built around 1979. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Patrick County, Virginia.
What is the median home price in Patrick County, Virginia?
The median home price in Patrick County, Virginia is $303,226, higher than the Virginia average of $257,048.
What is the average home price in Patrick 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 Patrick County, Virginia?
The median gross rent in Patrick County, Virginia is $721 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Patrick County in 2020?
In 2020, the median gross rent in Patrick County, Virginia was $613 per month.
What is the price-to-rent ratio in Patrick County, Virginia?
The price-to-rent ratio in Patrick County, Virginia is about 35.1, meaning it would take roughly 35.1 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 Patrick County.
Are home prices or rent rising faster in Patrick County, Virginia?
Both home prices and rent are rising in Patrick County, up about 34.1% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Patrick County, Virginia?
60.1% of households in Patrick County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Patrick County, Virginia?
The housing vacancy rate in Patrick County, Virginia is 22.1%, higher than the Virginia average of 9.0%.