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 | Petersburg city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $185,144 | $257,048 | $242,182 |
| Price Trend (Annual %) | 14.5% | 4.1% | 8.2% |
| Median Gross Rent | $1,131 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Petersburg city is about 28% lower than in Virginia. Rent is about 25% 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 Petersburg city, up about 14.5% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Petersburg city rose about 34.3% between 2015 and 2023, from $842 to $1,131. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Petersburg city.
Buying the median-priced home in Petersburg city costs roughly 13.6 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 city. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Petersburg city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $185,144 | $257,048 | $242,182 |
| Median Household Income | $51,128 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.6 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Petersburg city rose about 96.6%, while median household income rose about 42.1% 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 | Petersburg city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 31.5% | 61.1% | 58.2% |
| Rental Rate | 50.9% | 29.9% | 31.3% |
| Vacancy Rate | 17.6% | 9.0% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Petersburg city has a homeownership rate of 31.5%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 17.6%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Petersburg city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1978 | 1981 | 1978 |
| Median Number of Rooms | 4.8 | 6.0 | 5.5 |
The typical housing unit in Petersburg city was built around 1978. On average, 2.2 people live in a home with about 4.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Petersburg city, Virginia.
What is the median home price in Petersburg city, Virginia?
The median home price in Petersburg city, Virginia is $185,144, lower than the Virginia average of $257,048.
What is the average home price in Petersburg city, 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 Petersburg city, Virginia?
The median gross rent in Petersburg city, Virginia is $1,131 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Petersburg city in 2020?
In 2020, the median gross rent in Petersburg city, Virginia was $957 per month.
What is the price-to-rent ratio in Petersburg city, Virginia?
The price-to-rent ratio in Petersburg city, Virginia is about 13.6, meaning it would take roughly 13.6 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 city.
Are home prices or rent rising faster in Petersburg city, Virginia?
Both home prices and rent are rising in Petersburg city, up about 14.5% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Petersburg city, Virginia?
31.5% of households in Petersburg city, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Petersburg city, Virginia?
The housing vacancy rate in Petersburg city, Virginia is 17.6%, higher than the Virginia average of 9.0%.