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 | Tazewell County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,927 | $257,048 | $242,182 |
| Price Trend (Annual %) | 20.2% | 4.1% | 8.2% |
| Median Gross Rent | $737 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Tazewell County is about 41% lower than in Virginia. Rent is about 51% 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 Tazewell County, up about 20.2% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Tazewell County rose about 26.3% between 2015 and 2023, from $584 to $737. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Tazewell County.
Buying the median-priced home in Tazewell County costs roughly 17.1 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 Tazewell County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Tazewell County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,927 | $257,048 | $242,182 |
| Median Household Income | $46,173 | $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 Tazewell County rose about 123.0%, while median household income rose about 29.6% 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 | Tazewell County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.8% | 61.1% | 58.2% |
| Rental Rate | 21.7% | 29.9% | 31.3% |
| Vacancy Rate | 19.5% | 9.0% | 10.6% |
| Median Tenure (years) | 19.0 | 15.0 | 15.0 |
| Median Year Moved In | 2007 | 2011 | 2011 |
Tazewell County has a homeownership rate of 58.8%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 19.5%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Tazewell County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1972 | 1981 | 1978 |
| Median Number of Rooms | 5.6 | 6.0 | 5.5 |
The typical housing unit in Tazewell County was built around 1972. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Tazewell County, Virginia.
What is the median home price in Tazewell County, Virginia?
The median home price in Tazewell County, Virginia is $150,927, lower than the Virginia average of $257,048.
What is the average home price in Tazewell 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 Tazewell County, Virginia?
The median gross rent in Tazewell County, Virginia is $737 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Tazewell County in 2020?
In 2020, the median gross rent in Tazewell County, Virginia was $667 per month.
What is the price-to-rent ratio in Tazewell County, Virginia?
The price-to-rent ratio in Tazewell County, Virginia is about 17.1, meaning it would take roughly 17.1 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 Tazewell County.
Are home prices or rent rising faster in Tazewell County, Virginia?
Both home prices and rent are rising in Tazewell County, up about 20.2% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tazewell County, Virginia?
58.8% of households in Tazewell County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Tazewell County, Virginia?
The housing vacancy rate in Tazewell County, Virginia is 19.5%, higher than the Virginia average of 9.0%.