Hopewell city, Virginia Housing Market
In Hopewell city, Virginia, the median home value is $181,600, with a median monthly rent of $1,106. This places Hopewell city at #1618 nationally out of 3134 counties by median home value, and #102 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,361
- Establishments: 502
- BLS QCEW, 2025
Housing Supply
- Single-family: 26
- Multi-family: 5
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 9,152 (avg $44,904)
- Outflow: 8,643 (avg $45,691)
- IRS Statistics of Income
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| Metric | Hopewell city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $181,600 | $295,807 | $227,706 |
| Median Gross Rent | $1,106 | $1,169 | $968 |
| Owner Occupancy Rate | 57.9% | 70.8% | 73.3% |
| Price/Rent Ratio | 13.7 | 20.3 | 18.7 |
Market Analysis
The median home value in Hopewell city is 38.6% below the Virginia state average and 20.2% below the U.S. national average. The median rent of $1,106/month is 5.4% below the state average.
With a price-to-rent ratio of 13.7, buying a home in Hopewell city is generally more favorable than renting for those planning to stay long-term. A ratio below 15 typically signals that purchasing is financially advantageous over a multi-year horizon.
Hopewell city has an owner-occupancy rate of 57.9%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Randolph County | Alabama | $181,600 | $708 |
| Hyde County | South Dakota | $181,600 | $836 |
| Custer County | Oklahoma | $181,500 | $824 |
| Liberty County | Texas | $181,700 | $1,044 |
| Baldwin County | Georgia | $181,900 | $923 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Sussex County | $183,800 | $907 | 69.7% |
| Bristol city | $184,100 | $801 | 63.6% |
| Craig County | $189,000 | $713 | 83.7% |
| Petersburg city | $189,000 | $1,174 | 38.6% |
| Buckingham County | $173,400 | $927 | 77.3% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).