Hopewell, VA—23860
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Hopewell, VA
As of Oct '25, the median home price in Hopewell, VA is $229,000, with a year-over-year change of -0.3%. This indicates that home prices in Hopewell, VA are flat. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $229,000 | -0.3% |
| Single Family | $229,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $163,000 | 1.9% |
3 Bed | $227,000 | 0.4% |
4 Bed | $312,000 | 2.6% |
| 5 Bed | $396,000 | 2.6% |
% of Housing Stock
Rental Trends — Hopewell, VA
As of July '25, Rentcast reports the average rent in Hopewell, VA is $1,280, with a year-over-year rent change of 4.1%. Per bedroom, the median rent as of July '25 in Hopewell, VA is 1-bedrooms: $1,010, 2-bedrooms: $1,070, 3-bedrooms: $1,650, 4-bedrooms: $2,000. The most common rental property sizes in Hopewell, VA are 2-bedroom and 3-bedroom, accounting for 42.2% and 31.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,180 | $1,280 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,010 |
| 2 Bed Rent | $1,090 | $1,070 |
| 3 Bed Rent | $1,600 | $1,650 |
| 4 Bed Rent | $1,800 | $2,000 |
% of Rental Stock
Property Listings — Hopewell, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Hopewell, VA is 48. This is a increase of 37.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $268,000 | 0.0% |
Listing Count | 123 | 15.0% |
| Listings as % of Homes | 1.0% | 15.0% |
Days on Market | 48 | 37.0% |
Demographics — Hopewell, VA
As of the latest ACS Survey released in 2023, Hopewell, VA has a population of 31,400, which has increased by 2.5% over the past 5 years. Hopewell, VA is a moderately popular place for families, as children make up 21.6% of the population. The area has a poorly educated workforce, with 14.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,400 | 2.5% |
% Under 18 | 21.6% | 0.0% |
% Seniors | 14.5% | -1.4% |
% WFH | 9.5% | 171.4% |
% w/ College Degree | 14.1% | -10.2% |
As of the latest ACS Survey released in 2023, Hopewell, VA is a predominantly white area, with 42.8% of the population identifying as white. The white population has shrunk by 10.8% in the last 5 years. The second most common race or ethnicity in Hopewell, VA is black, making up 42.6% of the population. Foreign-born residents account for 3.3% of the population in Hopewell, VA, and this percentage has decreased by 10.8% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 42.8% | -10.8% |
% Black | 42.6% | 4.7% |
% Hispanic | 7.9% | 3.9% |
% Asian | 1.0% | -41.2% |
% Foreign Born | 3.3% | -10.8% |
Mortgage and Risk — Hopewell, VA
According to HUD data as of 2023, there were 594 mortgage originations in Hopewell, VA, of which 45.0% of loans were conventional mortgages. The average loan-to-value was 78.0%, with 58.0% above 90% LTV (very high). This implies large mortgage risk in Hopewell, VA. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 594 |
% Conventional Loans | 45.0% |
% Government Loans | 55.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Hopewell, VA
As of 2024, the percent of homes in Hopewell, VA under the Section 8 program is 17.4%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Hopewell, VA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 1,025 |
Total Units Section 8 | 768 |
% Rentals under Section 8 | 17.4% |
% Occupied Section 8 | 91.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $290 | $1,000 | $1,290 |
| 2 Bedroom | $340 | $1,090 | $1,430 |
| 3 Bedroom | $210 | $1,600 | $1,810 |
| 4 Bedroom | $440 | $1,800 | $2,240 |
Affordability — Hopewell, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $229,000 |
| Median Household Income | $55,100 |