Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$196,761+1.2% YoY · prices are rising
Market right nowBuyer's marketMore homes for sale than last year, 35% have cut their price
Income needed to buy, per year$42,654About 0.9× the local median income ($47,130): affordable for a typical household
Days on market48 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+2.4%Zillow expects prices to rise slightly
The typical home in Petersburg City, VA is worth $196,761, up 1.2% from a year ago. That is well above what local incomes have historically supported: fair value is about $112,562, so the area is 74.8% overvalued. It is a buyer's market: homes take about 48 days to sell, listings are up 16% from a year ago, 35% of listings have had a price cut. Zillow expects prices to rise about 2.4% over the next year. A household needs about $42,654 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $47,130. Typical rent is $1,365 a month, or $1,794 for a house. In the latest IRS figures, 257 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$196,761
Change in 1 year
+1.2%
Overvalued %
+74.8%
Show 7 more
Fair home value
$112,562
Change in 5 years
+68.4%
Zillow forecast, next 12 months
+2.4%
Home value to income
4.2×
Monthly mortgage payment (20% down)
$1,066
Income needed to afford it
$42,654
Property tax rate
0.81%
Rent and investing
Typical rent
$1,365
Typical rent for houses
$1,794
Price-to-rent ratio
12.0×
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HUD Fair Market Rent, 2 bedrooms
$1,651
Gross rental yield
8.33%
Cap rate (estimate)
5.41%
Market activity
Listings vs a year ago
+15.9%
Days on market
48
Listings with a price cut
34.6%
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Homes for sale
131
Pending sales per 100 listings
40
Asking price per sq ft
$172
People and jobs
Median household income
$47,130
Population change (1 year)
−0.9%
Unemployment rate
10.1%
Show 4 more
Population
33,734
Income adjusted for cost of living
$48,141
Net moves in (IRS)
+257
Cost of living (US = 100)
97.9
Schools, risk and environment
School rating (1 to 10)
1.1
FEMA hazard risk score (0 to 100)
17.0
Flood risk score
36.2
Show 3 more
Wildfire risk score
15.1
Walkability (1 to 20)
7.7
Road, rail and air noise
52 dB
Questions people ask
Is Petersburg City, VA overvalued?
Home prices in Petersburg City, VA are well above what local incomes have historically supported: fair value is about $112,562, so the area is 74.8% overvalued.
Is Petersburg City, VA a buyer's or seller's market?
Petersburg City, VA is a buyer's market: homes take about 48 days to sell, listings are up 16% from a year ago, 35% of listings have had a price cut.
Are home prices going down in Petersburg City, VA?
Home values in Petersburg City, VA are up 1.2% over the last year. Zillow's forecast for the next 12 months is +2.4%.
How much do you need to earn to buy a home in Petersburg City, VA?
A household needs about $42,654 a year to afford the typical home in Petersburg City, VA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $47,130.