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 | Smyth County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $170,042 | $257,048 | $242,182 |
| Price Trend (Annual %) | 14.3% | 4.1% | 8.2% |
| Median Gross Rent | $691 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Smyth County is about 34% lower than in Virginia. Rent is about 54% 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 Smyth County, up about 14.3% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Smyth County rose about 20.4% between 2015 and 2023, from $574 to $691. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Smyth County.
Buying the median-priced home in Smyth County costs roughly 20.5 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 Smyth County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Smyth County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $170,042 | $257,048 | $242,182 |
| Median Household Income | $46,598 | $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 Smyth County rose about 27.4%, while median household income rose about 29.2% 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 | Smyth County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.9% | 61.1% | 58.2% |
| Rental Rate | 24.2% | 29.9% | 31.3% |
| Vacancy Rate | 16.9% | 9.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Smyth County has a homeownership rate of 58.9%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 16.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Smyth County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1975 | 1981 | 1978 |
| Median Number of Rooms | 5.5 | 6.0 | 5.5 |
The typical housing unit in Smyth County was built around 1975. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Smyth County, Virginia.
What is the median home price in Smyth County, Virginia?
The median home price in Smyth County, Virginia is $170,042, lower than the Virginia average of $257,048.
What is the average home price in Smyth 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 Smyth County, Virginia?
The median gross rent in Smyth County, Virginia is $691 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Smyth County in 2020?
In 2020, the median gross rent in Smyth County, Virginia was $615 per month.
What is the price-to-rent ratio in Smyth County, Virginia?
The price-to-rent ratio in Smyth County, Virginia is about 20.5, meaning it would take roughly 20.5 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 Smyth County.
Are home prices or rent rising faster in Smyth County, Virginia?
Both home prices and rent are rising in Smyth County, up about 14.3% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Smyth County, Virginia?
58.9% of households in Smyth County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Smyth County, Virginia?
The housing vacancy rate in Smyth County, Virginia is 16.9%, higher than the Virginia average of 9.0%.