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 | Westmoreland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $443,589 | $257,048 | $242,182 |
| Price Trend (Annual %) | 15.7% | 4.1% | 8.2% |
| Median Gross Rent | $990 | $1,514 | $1,342 |
| Rent Trend (Annual %) | -0.2% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Westmoreland County is about 73% higher than in Virginia. Rent is about 35% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Westmoreland County: home prices rose about 15.7% a year while rent fell about 0.2% a year. That is an unusual pattern worth watching.
Median rent in Westmoreland County rose about 8.8% between 2015 and 2023, from $909 to $990. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 7.4 yearly household incomes in Westmoreland County.
Buying the median-priced home in Westmoreland County costs roughly 37.3 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 Westmoreland County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Westmoreland County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $443,589 | $257,048 | $242,182 |
| Median Household Income | $59,808 | $91,409 | $78,145 |
| Price-to-Income Ratio | 7.4 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Westmoreland County rose about 73.1%, while median household income rose about 19.2% 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 | Westmoreland County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.2% | 61.1% | 58.2% |
| Rental Rate | 14.9% | 29.9% | 31.3% |
| Vacancy Rate | 28.9% | 9.0% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Westmoreland County has a homeownership rate of 56.2%, lower than the Virginia average of 61.1%. Its housing vacancy rate is 28.9%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Westmoreland County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.31 people | 2.53 people | 2.54 people |
| Median Structure Built Year | 1984 | 1981 | 1978 |
| Median Number of Rooms | 5.9 | 6.0 | 5.5 |
The typical housing unit in Westmoreland County was built around 1984. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Westmoreland County, Virginia.
What is the median home price in Westmoreland County, Virginia?
The median home price in Westmoreland County, Virginia is $443,589, higher than the Virginia average of $257,048.
What is the average home price in Westmoreland 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 Westmoreland County, Virginia?
The median gross rent in Westmoreland County, Virginia is $990 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Westmoreland County in 2020?
In 2020, the median gross rent in Westmoreland County, Virginia was $884 per month.
What is the price-to-rent ratio in Westmoreland County, Virginia?
The price-to-rent ratio in Westmoreland County, Virginia is about 37.3, meaning it would take roughly 37.3 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 Westmoreland County.
Are home prices or rent rising faster in Westmoreland County, Virginia?
Home prices and rent are moving in opposite directions in Westmoreland County: home prices rose about 15.7% a year while rent fell about 0.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Westmoreland County, Virginia?
56.2% of households in Westmoreland County, Virginia own their home, lower than the Virginia average of 61.1%.
What is the vacancy rate in Westmoreland County, Virginia?
The housing vacancy rate in Westmoreland County, Virginia is 28.9%, higher than the Virginia average of 9.0%.