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 | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $56,466 | $257,048 | $242,182 |
| Price Trend (Annual %) | -5.7% | 4.1% | 8.2% |
| Median Gross Rent | $770 | $1,514 | $1,342 |
| Rent Trend (Annual %) | 2.9% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wise County is about 78% lower than in Virginia. Rent is about 49% 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 Wise County: home prices fell about 5.7% a year while rent rose about 2.9% a year. That is an unusual pattern worth watching.
Median rent in Wise County rose about 28.6% between 2015 and 2023, from $598 to $770. Over the same span, rent in Virginia rose about 35.7%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Wise County.
Buying the median-priced home in Wise County costs roughly 6.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Wise County. The price-to-rent ratio in Virginia is about 14.2.
| Metric | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $56,466 | $257,048 | $242,182 |
| Median Household Income | $51,312 | $91,409 | $78,145 |
| Price-to-Income Ratio | 1.1 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wise County fell about 57.0%, while median household income rose about 59.8% 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 | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 61.1% | 58.2% |
| Rental Rate | 21.8% | 29.9% | 31.3% |
| Vacancy Rate | 15.6% | 9.0% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Wise County has a homeownership rate of 62.5%, higher than the Virginia average of 61.1%. Its housing vacancy rate is 15.6%, compared with 9.0% in Virginia.
Housing Stock
| Metric | Wise County | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 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 Wise County was built around 1978. On average, 2.3 people live in a home with about 5.9 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wise County, Virginia.
What is the median home price in Wise County, Virginia?
The median home price in Wise County, Virginia is $56,466, lower than the Virginia average of $257,048.
What is the average home price in Wise 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 Wise County, Virginia?
The median gross rent in Wise County, Virginia is $770 per month, lower than the Virginia average of $1,514.
What was the median gross rent in Wise County in 2020?
In 2020, the median gross rent in Wise County, Virginia was $637 per month.
What is the price-to-rent ratio in Wise County, Virginia?
The price-to-rent ratio in Wise County, Virginia is about 6.1, meaning it would take roughly 6.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Wise County.
Are home prices or rent rising faster in Wise County, Virginia?
Home prices and rent are moving in opposite directions in Wise County: home prices fell about 5.7% a year while rent rose about 2.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Wise County, Virginia?
62.5% of households in Wise County, Virginia own their home, higher than the Virginia average of 61.1%.
What is the vacancy rate in Wise County, Virginia?
The housing vacancy rate in Wise County, Virginia is 15.6%, higher than the Virginia average of 9.0%.