Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 31,882, 13,175 total housing units (homes and apartments), and a median house value of $129,777, house prices in Petersburg are solidly below the national average.
Single-family detached homes are the single most common housing type in Petersburg, accounting for 55.16% of the city's housing units. Other types of housing that are prevalent in Petersburg include large apartment complexes or high rise apartments ( 23.53%), duplexes, homes converted to apartments or other small apartment buildings ( 14.15%), and a few row houses and other attached homes ( 5.89%).
People in Petersburg primarily live in small (one, two or no bedroom) single-family detached homes. Petersburg has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Petersburg's housing was primarily built during this period, from the '40s through the '60s. A full 37.65% of the city's housing hails from this era. Other housing ages represented in Petersburg include homes built between 1970-1999 ( 33.84%) and housing constructed before 1939 ( 15.98%). There's also some housing in Petersburg built between 2000 and later ( 12.53%).
Vacant housing appears to be an issue in Petersburg. Fully 20.07% of the housing stock is classified as vacant. Left unchecked, vacant Petersburg homes and apartments can be a drag on the real estate market, holding Petersburg real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Petersburg over the last then years, as home values have seen a decline of 16.13% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Petersburg home appreciation rates at 0.83%, which equates to an annual appreciation rate of 3.36%.
Over the last year, Petersburg appreciation rates have trailed the rest of the nation. In the last twelve months, Petersburg's appreciation rate has been 3.42%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Petersburg were at 0.83%, which equates to an annual appreciation rate of 3.36%.
Relative to Virginia, our data show that Petersburg's latest annual appreciation rate is higher than 50% of the other cities and towns in Virginia.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Petersburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Petersburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Petersburg real estate investment or home purchase decisions.
|$818,001 - $1,090,000||0.8|
|$545,001 - $818,000||0.0|
|$436,001 - $545,000||0.8|
|$327,001 - $436,000||2.0|
|$218,001 - $327,000||8.4|
|$109,001 - $218,000||37.7|
|$54,001 - $109,000||39.9|
|$0 - $54,000||10.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q3 - 2017 Q4
Last 12 Months:
2016 Q4 - 2017 Q4
Last 2 Years:
2015 Q4 - 2017 Q4
Last 5 Years:
2012 Q4 - 2017 Q4
Last 10 Years:
2007 Q4 - 2017 Q4
2000 Q1 - 2017 Q4
|* 10 is highest|
|AGE OF Petersburg HOMES|
|2000 or Newer||12.5|
|1970 - 1999||33.8|
|1940 - 1969||37.6|
|1939 or Older||16.0|
|TYPE OF Petersburg HOMES|
|Small Apt. Buildings||14.2|
|SIZE OF Petersburg HOMES|
|5 or more bedrooms||2.06|