Petersburg, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Petersburg, VA Real Estate Data


Petersburg Housing Market Information

With 32,477 people, 12,515 houses or apartments, and a median cost of homes of $112,825, 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 59.80% of the city's housing units. Other types of housing that are prevalent in Petersburg include large apartment complexes or high rise apartments ( 21.14%), duplexes, homes converted to apartments or other small apartment buildings ( 13.25%), and a few row houses and other attached homes ( 4.10%).

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 40.27% of the city's housing hails from this era. Other housing ages represented in Petersburg include homes built between 1970-1999 ( 30.67%) and housing constructed before 1939 ( 19.82%). There's also some housing in Petersburg built between 2000 and later ( 9.24%).

Vacant housing appears to be an issue in Petersburg. Fully 24.04% 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 Home Appreciation Rates

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 -1.58%, which is lower than 80% of US communities.

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 3.86%, 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 2.03%, which equates to an annual appreciation rate of 8.38%.

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.

Average Home Values

 

Median Home Value:
$112,825

Petersburg, VA HOME PRICES

Value Range
> $1,016,000 0.0
$762,001 - $1,016,000 0.4
$508,001 - $762,000 0.0
$406,001 - $508,000 0.6
$305,001 - $406,000 1.0
$203,001 - $305,000 9.0
$102,001 - $203,000 40.8
$51,001 - $102,000 37.9
$0 - $51,000 10.4

Low for VA
Low for Nation

Value Relative to Nation Value Relative to State
70.5744568718159 80.0554016620499

Number Of Homes And Apartments:
12,515

Rent & Ownership

 

Average Market Rent:
$975 / per month

Homeownership Rate

Homeownership
Owners 43.43
Renters 56.57
Vacant 24.04

Housing Market Details

 

Age of Homes

AGE OF Petersburg HOMES
2000 or Newer 9.2
1970 - 1999 30.7
1940 - 1969 40.3
1939 or Older 19.8

Types of Homes

TYPE OF Petersburg HOMES
Single-Family 59.8
Townhomes 4.1
Small Apt. Buildings 13.3
Apt. Complexes 21.1
Mobile Homes 1.7
Other 0.0

Home Size

SIZE OF Petersburg HOMES
No Bedroom 1.72
1 Bedroom 10.49
2 Bedrooms 39.40
3 Bedrooms 36.64
4 Bedrooms 10.19
5 or more bedrooms 1.56

Petersburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
31.33% 1.62% 1 3
* 10 is highest