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 32,477 people, 12,803 houses or apartments, and a median cost of homes of $128,855, 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 56.80% of the city's housing units. Other types of housing that are prevalent in Petersburg include large apartment complexes or high rise apartments ( 23.15%), duplexes, homes converted to apartments or other small apartment buildings ( 13.58%), and a few row houses and other attached homes ( 4.96%).
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 38.38% of the city's housing hails from this era. Other housing ages represented in Petersburg include homes built between 1970-1999 ( 33.12%) and housing constructed before 1939 ( 17.57%). There's also some housing in Petersburg built between 2000 and later ( 10.93%).
Vacant housing appears to be an issue in Petersburg. Fully 22.24% 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.
Petersburg's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Petersburg during the period has been just -1.49%, which is lower than 80% of US communities.
Appreciation rates are so strong in Petersburg that despite a nationwide downturn in the housing market, Petersburg real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Petersburg appreciation rates continue to be some of the highest in America, at 8.67%, which is higher than appreciation rates in 89.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Petersburg. Petersburg appreciation rates in the latest quarter were at 1.35%, which equates to an annual appreciation rate of 5.51%.
Relative to Virginia, our data show that Petersburg's latest annual appreciation rate is higher than 90% 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.
|$803,001 - $1,070,000||0.5|
|$535,001 - $803,000||0.0|
|$427,001 - $535,000||0.7|
|$321,001 - $427,000||1.7|
|$214,001 - $321,000||8.5|
|$107,001 - $214,000||40.1|
|$53,001 - $107,000||37.9|
|$0 - $53,000||10.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Petersburg HOMES|
|2000 or Newer||10.9|
|1970 - 1999||33.1|
|1940 - 1969||38.4|
|1939 or Older||17.6|
|TYPE OF Petersburg HOMES|
|Small Apt. Buildings||13.6|
|SIZE OF Petersburg HOMES|
|5 or more bedrooms||1.84|