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 | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $364,088 | $257,048 | $242,182 |
| Price Trend (Annual %) | 5.0% | 4.1% | 8.2% |
| Median Gross Rent | $1,733 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spotsylvania County is about 42% higher than in Virginia. Rent is about 14% 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 Spotsylvania County, up about 5.0% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Spotsylvania County rose about 28.9% between 2015 and 2023, from $1,345 to $1,733. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Spotsylvania County.
Buying the median-priced home in Spotsylvania County costs roughly 17.5 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 Spotsylvania County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $364,088 | $257,048 | $242,182 |
| Median Household Income | $109,998 | $91,409 | $78,145 |
| Price-to-Income Ratio | 3.3 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Spotsylvania County rose about 44.5%, while median household income rose about 42.9% 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 | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.6% | 61.1% | 58.2% |
| Rental Rate | 19.3% | 29.9% | 31.3% |
| Vacancy Rate | 5.1% | 9.0% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Spotsylvania County has a homeownership rate of 75.6%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 5.1%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Spotsylvania County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1995 | 1981 | 1978 |
| Median Number of Rooms | 6.8 | 6.0 | 5.5 |
The typical housing unit in Spotsylvania County was built around 1995. On average, 2.8 people live in a home with about 6.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Spotsylvania County, Virginia.
What is the median home price in Spotsylvania County, Virginia?
The median home price in Spotsylvania County, Virginia is $364,088, higher than the Virginia average of $257,048.
What is the average home price in Spotsylvania 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 Spotsylvania County, Virginia?
The median gross rent in Spotsylvania County, Virginia is $1,733 per month, higher than the Virginia average of $1,514.
What was the median gross rent in Spotsylvania County in 2020?
In 2020, the median gross rent in Spotsylvania County, Virginia was $1,462 per month.
What is the price-to-rent ratio in Spotsylvania County, Virginia?
The price-to-rent ratio in Spotsylvania County, Virginia is about 17.5, meaning it would take roughly 17.5 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 Spotsylvania County.
Are home prices or rent rising faster in Spotsylvania County, Virginia?
Both home prices and rent are rising in Spotsylvania County, up about 5.0% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spotsylvania County, Virginia?
75.6% of households in Spotsylvania County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Spotsylvania County, Virginia?
The housing vacancy rate in Spotsylvania County, Virginia is 5.1%, lower than the Virginia average of 9.0%.