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 | Southampton County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $202,586 | $257,048 | $242,182 |
| Price Trend (Annual %) | 13.5% | 4.1% | 8.2% |
| Median Gross Rent | $930 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.4% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Southampton County is about 21% lower than in Virginia. Rent is about 39% 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 Southampton County, up about 13.5% and 3.4% a year respectively. Home prices are changing faster.
Median rent in Southampton County rose about 27.6% between 2015 and 2023, from $728 to $930. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Southampton County.
Buying the median-priced home in Southampton County costs roughly 18.2 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Southampton County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Southampton County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $202,586 | $257,048 | $242,182 |
| Median Household Income | $67,445 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.0 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Southampton County rose about 43.4%, while median household income rose about 42.9% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Southampton County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.3% | 61.1% | 58.2% |
| Rental Rate | 22.3% | 29.9% | 31.3% |
| Vacancy Rate | 11.4% | 9.0% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Southampton County has a homeownership rate of 66.3%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 11.4%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Southampton County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1978 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Southampton County was built around 1978. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Southampton County, Virginia.
What is the median home price in Southampton County, Virginia?
The median home price in Southampton County, Virginia is $202,586, lower than the Virginia average of $257,048.
What is the average home price in Southampton 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 Southampton County, Virginia?
The median gross rent in Southampton County, Virginia is $930 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Southampton County in 2020?
In 2020, the median gross rent in Southampton County, Virginia was $795 per month.
What is the price-to-rent ratio in Southampton County, Virginia?
The price-to-rent ratio in Southampton County, Virginia is about 18.2, meaning it would take roughly 18.2 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Southampton County.
Are home prices or rent rising faster in Southampton County, Virginia?
Both home prices and rent are rising in Southampton County, up about 13.5% and 3.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Southampton County, Virginia?
66.3% of households in Southampton County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Southampton County, Virginia?
The housing vacancy rate in Southampton County, Virginia is 11.4%, higher than the Virginia average of 9.0%.