Petersburg, Virginia Housing Market Prices
Petersburg 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 40% below the Virginia median$152,734
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Median rent 26% below the Virginia median$1,173
Housing Market Overview
| Metric | Petersburg | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,734 | $256,082 | $248,835 |
| Price Trend (Annual %) | 10.6% | 3.5% | 7.5% |
| Median Gross Rent | $1,173 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Petersburg is about 40% lower than in Virginia. Rent is about 26% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Petersburg, up about 10.6% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Petersburg rose about 39.3% between 2015 and 2024, from $842 to $1,173. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Petersburg.
Buying the median-priced home in Petersburg costs roughly 10.9 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 Petersburg. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Petersburg | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $152,734 | $256,082 | $248,835 |
| Median Household Income | $50,908 | $93,527 | $80,455 |
| Price-to-Income Ratio | 3.0 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Petersburg rose about 62.6%, while median household income rose about 35.1% between 2009 and 2025 — 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 | Petersburg | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 32.3% | 61.5% | 58.5% |
| Rental Rate | 51.4% | 29.8% | 31.2% |
| Vacancy Rate | 16.2% | 8.7% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Petersburg has a homeownership rate of 32.3%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 16.2%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Petersburg | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1969 | 1982 | 1978 |
| Median Number of Rooms | 4.7 | 6.0 | 5.5 |
The typical housing unit in Petersburg was built around 1969. On average, 2.2 people live in a home with about 4.7 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Petersburg, Virginia.
What is the median home price in Petersburg, Virginia?
The median home price in Petersburg, Virginia is $152,734, lower than the Virginia average of $256,082.
What is the average home price in Petersburg, Virginia?
The typical home price in Petersburg, Virginia, reported as the median sale price, is $152,734. 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 Petersburg, Virginia?
The median gross rent in Petersburg, Virginia is $1,173 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Petersburg in 2020?
In 2020, the median gross rent in Petersburg, Virginia was $957 per month.
What is the price-to-rent ratio in Petersburg, Virginia?
The price-to-rent ratio in Petersburg, Virginia is about 10.9, meaning it would take roughly 10.9 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 Petersburg.
Are home prices or rent rising faster in Petersburg, Virginia?
Both home prices and rent are rising in Petersburg, up about 10.6% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Petersburg, Virginia?
32.3% of households in Petersburg, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Petersburg, Virginia?
The housing vacancy rate in Petersburg, Virginia is 16.2%, higher than the Virginia average of 8.7%.
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