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 | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $14,622 | $257,048 | $242,182 |
| Price Trend (Annual %) | -10.2% | 4.1% | 8.2% |
| Median Gross Rent | $966 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Radford city is about 94% lower than in Virginia. Rent is about 36% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Radford city: home prices fell about 10.2% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Radford city rose about 37.0% between 2015 and 2023, from $705 to $966. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Radford city.
Buying the median-priced home in Radford city costs roughly 1.3 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 Radford city. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $14,622 | $257,048 | $242,182 |
| Median Household Income | $50,918 | $91,409 | $78,145 |
| Price-to-Income Ratio | 0.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Radford city fell about 88.0%, while median household income rose about 71.5% 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 | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.3% | 61.1% | 58.2% |
| Rental Rate | 48.8% | 29.9% | 31.3% |
| Vacancy Rate | 14.8% | 9.0% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Radford city has a homeownership rate of 36.3%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 14.8%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Radford city | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.3 | 6.0 | 5.5 |
The typical housing unit in Radford city was built around 1984. On average, 2.4 people live in a home with about 5.3 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Radford city, Virginia.
What is the median home price in Radford city, Virginia?
The median home price in Radford city, Virginia is $14,622, lower than the Virginia average of $257,048.
What is the average home price in Radford 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 Radford city, Virginia?
The median gross rent in Radford city, Virginia is $966 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Radford city in 2020?
In 2020, the median gross rent in Radford city, Virginia was $839 per month.
What is the price-to-rent ratio in Radford city, Virginia?
The price-to-rent ratio in Radford city, Virginia is about 1.3, meaning it would take roughly 1.3 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 Radford city.
Are home prices or rent rising faster in Radford city, Virginia?
Home prices and rent are moving in opposite directions in Radford city: home prices fell about 10.2% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Radford city, Virginia?
36.3% of households in Radford city, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Radford city, Virginia?
The housing vacancy rate in Radford city, Virginia is 14.8%, higher than the Virginia average of 9.0%.