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 | Prince George County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,839 | $257,048 | $242,182 |
| Price Trend (Annual %) | 7.6% | 4.1% | 8.2% |
| Median Gross Rent | $1,563 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prince George County is about 31% lower than in Virginia. Rent is about 3% higher 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 Prince George County, up about 7.6% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Prince George County rose about 22.8% between 2015 and 2023, from $1,273 to $1,563. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Prince George County.
Buying the median-priced home in Prince George County costs roughly 9.4 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 Prince George County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Prince George County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $176,839 | $257,048 | $242,182 |
| Median Household Income | $90,558 | $91,409 | $78,145 |
| Price-to-Income Ratio | 2.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prince George County rose about 21.7%, while median household income rose about 37.4% between 2009 and 2023 — 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 | Prince George County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.0% | 61.1% | 58.2% |
| Rental Rate | 24.6% | 29.9% | 31.3% |
| Vacancy Rate | 5.4% | 9.0% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Prince George County has a homeownership rate of 70.0%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 5.4%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Prince George County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.77 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1980 | 1981 | 1978 |
| Median Number of Rooms | 6.8 | 6.0 | 5.5 |
The typical housing unit in Prince George County was built around 1980. On average, 2.8 people live in a home with about 6.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prince George County, Virginia.
What is the median home price in Prince George County, Virginia?
The median home price in Prince George County, Virginia is $176,839, lower than the Virginia average of $257,048.
What is the average home price in Prince George 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 Prince George County, Virginia?
The median gross rent in Prince George County, Virginia is $1,563 per month, higher than the Virginia average of $1,514.
What was the median gross rent in Prince George County in 2020?
In 2020, the median gross rent in Prince George County, Virginia was $1,377 per month.
What is the price-to-rent ratio in Prince George County, Virginia?
The price-to-rent ratio in Prince George County, Virginia is about 9.4, meaning it would take roughly 9.4 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 Prince George County.
Are home prices or rent rising faster in Prince George County, Virginia?
Both home prices and rent are rising in Prince George County, up about 7.6% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Prince George County, Virginia?
70.0% of households in Prince George County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Prince George County, Virginia?
The housing vacancy rate in Prince George County, Virginia is 5.4%, lower than the Virginia average of 9.0%.