Palmyra, VA 22963 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Palmyra, VA—22963

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$372,000

1.1% YoY Growth

Household Income

$101,000

32.6% YoY Growth

Days on Market

37.0% Longer YoY

Home Price Forecast

1.7%

Median Rent

$2,100

0.9% YoY Growth

1-Bed Rent

$1,200

N/A

2-Bed Rent

$1,580

12.3% YoY Growth

3-Bed Rent

$2,000

3.7% YoY Growth

Home Price Trends — Palmyra, VA

As of Nov '25, the median home price in Palmyra, VA is $372,000, with a year-over-year change of 1.1%. This indicates that home prices in Palmyra, VA are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$372,000	1.1%
Single Family	$372,000	0.8%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Palmyra, VA

As of July '25, Rentcast reports the average rent in Palmyra, VA is $2,170, with a year-over-year rent change of -0.9%. Per bedroom, the median rent as of July '25 in Palmyra, VA is 1-bedrooms: $1,200, 2-bedrooms: $1,780, 3-bedrooms: $2,090, 4-bedrooms: $2,690. The most common rental property sizes in Palmyra, VA are 3-bedroom and 2-bedroom, accounting for 48.6% and 44.0% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,100	$2,170
Studio Rent	N/A	N/A
1 Bed Rent	$1,200	$1,200
2 Bed Rent	$1,580	$1,780
3 Bed Rent	$2,000	$2,090
4 Bed Rent	$2,650	$2,690

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% of Rental Stock

2 Bedrooms

44.0%

3 Bedrooms

48.6%

4 Bedrooms

7.4%

Property Listings — Palmyra, VA

As of Nov '25, Realtor.com reports that the median days on market for a home in Palmyra, VA is 64. 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 22.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$394,000	-3.0%
Listing Count	108	28.0%
Listings as % of Homes	1.2%	28.0%
Days on Market	64	37.0%

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Demographics — Palmyra, VA

As of the latest ACS Survey released in 2023, Palmyra, VA has a population of 16,800, which has increased by 4.8% over the past 5 years. Palmyra, VA is a moderately popular place for families, as children make up 20.8% of the population. The area has a moderately educated workforce, with 42.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	16,800	4.8%
% Under 18	20.8%	3.0%
% Seniors	22.4%	2.3%
% WFH	15.4%	108.1%
% w/ College Degree	42.4%	0.7%

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As of the latest ACS Survey released in 2023, Palmyra, VA is a predominantly white area, with 78.3% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Palmyra, VA is black, making up 10.0% of the population. Foreign-born residents account for 2.9% of the population in Palmyra, VA, and this percentage has decreased by 14.7% 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	78.3%	-4.0%
% Black	10.0%	-18.0%
% Hispanic	5.3%	211.8%
% Asian	1.0%	-54.5%
% Foreign Born	2.9%	-14.7%

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Mortgage and Risk — Palmyra, VA

According to HUD data as of 2023, there were 431 mortgage originations in Palmyra, VA, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Palmyra, VA. Investor activity is low, as 0.0% 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	431
% Conventional Loans	71.0%
% Government Loans	29.0%
% Investor Loans	0.0%
% Second Loans	3.0%
% Cash Out Refinance	12.0%

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Rentals and Section 8 — Palmyra, VA

As of 2024, the percent of homes in Palmyra, VA under the Section 8 program is 5.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Palmyra, 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	25
Total Units Section 8	25
% Rentals under Section 8	5.2%
% Occupied Section 8	79.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$490	$1,200	$1,690
2 Bedroom	$390	$1,580	$1,970
3 Bedroom	$460	$2,000	$2,460
4 Bedroom	$340	$2,650	$2,990

Palmyra, VA—22963

Key Metrics at a Glance

Home Price Trends — Palmyra, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Palmyra, VA

% of Rental Stock

Property Listings — Palmyra, VA

Demographics — Palmyra, VA

Race and Ethnicity

Mortgage and Risk — Palmyra, VA

Mortgages

Rentals and Section 8 — Palmyra, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Palmyra, VA

Home Price to Income Ratio

Palmyra, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Bremo Bluff, VA

Bremo Bluff, VA

Troy, VA

Columbia, VA

Columbia, VA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.3
Median Home Price	$372,000
Median Household Income	$101,000

Palmyra, VA—22963

Key Metrics at a Glance

Home Price Trends — Palmyra, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Palmyra, VA

% of Rental Stock

Property Listings — Palmyra, VA

Demographics — Palmyra, VA

Race and Ethnicity

Mortgage and Risk — Palmyra, VA

Mortgages

Rentals and Section 8 — Palmyra, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Palmyra, VA

Home Price to Income Ratio

Palmyra, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Bremo Bluff, VA

Bremo Bluff, VA

Troy, VA

Columbia, VA

Columbia, VA

Frequently Asked Questions

What is the average home price in Palmyra, VA 22963?

How have home prices in Palmyra, VA 22963 changed over the past year?

What is the home price projection for Palmyra, VA 22963?

What are the demographics of Palmyra, VA 22963?

How long does it take homes to sell in Palmyra, VA 22963?

What is the average rent price in Palmyra, VA 22963?