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 | Rockingham County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,668 | $257,048 | $242,182 |
| Price Trend (Annual %) | 8.8% | 4.1% | 8.2% |
| Median Gross Rent | $1,124 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rockingham County is about 52% higher than in Virginia. Rent is about 26% 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 Rockingham County, up about 8.8% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Rockingham County rose about 39.0% between 2015 and 2023, from $809 to $1,124. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Rockingham County.
Buying the median-priced home in Rockingham County costs roughly 29.0 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 Rockingham County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Rockingham County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,668 | $257,048 | $242,182 |
| Median Household Income | $78,597 | $91,409 | $78,145 |
| Price-to-Income Ratio | 5.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rockingham County rose about 82.7%, while median household income rose about 54.1% 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 | Rockingham County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.7% | 61.1% | 58.2% |
| Rental Rate | 22.0% | 29.9% | 31.3% |
| Vacancy Rate | 11.2% | 9.0% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Rockingham County has a homeownership rate of 66.7%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 11.2%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Rockingham County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Rockingham County was built around 1984. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rockingham County, Virginia.
What is the median home price in Rockingham County, Virginia?
The median home price in Rockingham County, Virginia is $391,668, higher than the Virginia average of $257,048.
What is the average home price in Rockingham 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 Rockingham County, Virginia?
The median gross rent in Rockingham County, Virginia is $1,124 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Rockingham County in 2020?
In 2020, the median gross rent in Rockingham County, Virginia was $938 per month.
What is the price-to-rent ratio in Rockingham County, Virginia?
The price-to-rent ratio in Rockingham County, Virginia is about 29.0, meaning it would take roughly 29.0 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 Rockingham County.
Are home prices or rent rising faster in Rockingham County, Virginia?
Both home prices and rent are rising in Rockingham County, up about 8.8% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rockingham County, Virginia?
66.7% of households in Rockingham County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Rockingham County, Virginia?
The housing vacancy rate in Rockingham County, Virginia is 11.2%, higher than the Virginia average of 9.0%.