Petersburg, VA—23803
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Petersburg, VA
Home Price Trends — Petersburg, VA
As of Oct '25, the median home price in Petersburg, VA is $226,000, with a year-over-year change of -0.2%. This indicates that home prices in Petersburg, VA are flat. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $226,000 | -0.2% |
| Single Family | $226,000 | -0.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $131,000 | -7.1% |
3 Bed | $235,000 | -0.4% |
4 Bed | $310,000 | 2.3% |
| 5 Bed | $358,000 | 2.3% |
% of Housing Stock
Rental Trends — Petersburg, VA
As of July '25, Rentcast reports the average rent in Petersburg, VA is $1,260, with a year-over-year rent change of 0.8%. Per bedroom, the median rent as of July '25 in Petersburg, VA is studios: $1,030, 1-bedrooms: $1,040, 2-bedrooms: $1,170, 3-bedrooms: $1,600, 4-bedrooms: $1,990. The most common rental property sizes in Petersburg, VA are 2-bedroom and 3-bedroom, accounting for 34.1% and 27.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,260 |
| Studio Rent | $1,000 | $1,030 |
| 1 Bed Rent | $999 | $1,040 |
| 2 Bed Rent | $1,100 | $1,170 |
| 3 Bed Rent | $1,550 | $1,600 |
| 4 Bed Rent | $1,500 | $1,990 |
% of Rental Stock
Property Listings — Petersburg, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Petersburg, VA is 44. This is a increase of 5.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $276,000 | 9.0% |
Listing Count | 199 | 9.0% |
| Listings as % of Homes | 0.8% | 9.0% |
Days on Market | 44 | 5.0% |
Demographics — Petersburg, VA
As of the latest ACS Survey released in 2023, Petersburg, VA has a population of 41,800, which has increased by 8.1% over the past 5 years. Petersburg, VA is a moderately popular place for families, as children make up 22.0% of the population. The area has a poorly educated workforce, with 23.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 41,800 | 8.1% |
% Under 18 | 22.0% | -0.5% |
% Seniors | 15.3% | -0.6% |
% WFH | 9.6% | 405.3% |
% w/ College Degree | 23.6% | 39.6% |
As of the latest ACS Survey released in 2023, Petersburg, VA is a predominantly black area, with 59.7% of the population identifying as black. The black population has grown by 0.8% in the last 5 years. The second most common race or ethnicity in Petersburg, VA is white, making up 31.2% of the population. Foreign-born residents account for 3.6% of the population in Petersburg, VA, and this percentage has decreased by 26.5% 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 | 31.2% | -2.5% |
% Black | 59.7% | 0.8% |
% Hispanic | 6.3% | 12.5% |
% Asian | 0.5% | -16.7% |
% Foreign Born | 3.6% | -26.5% |
Mortgage and Risk — Petersburg, VA
According to HUD data as of 2023, there were 934 mortgage originations in Petersburg, VA, of which 56.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 48.0% above 90% LTV (very high). This implies large mortgage risk in Petersburg, VA. Investor activity is low, as 5.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 934 |
% Conventional Loans | 56.0% |
% Government Loans | 44.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Petersburg, VA
As of 2024, the percent of homes in Petersburg, VA under the Section 8 program is 15.5%. 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 Petersburg, 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 | 1,454 |
Total Units Section 8 | 1,291 |
% Rentals under Section 8 | 15.5% |
% Occupied Section 8 | 93.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $251 | $999 | $1,250 |
| 2 Bedroom | $280 | $1,100 | $1,380 |
| 3 Bedroom | $220 | $1,550 | $1,770 |
| 4 Bedroom | $660 | $1,500 | $2,160 |
Affordability — Petersburg, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $226,000 |
| Median Household Income | $55,800 |