Cost of Living

Cost of Living in Lexington-Rockbridge, VA

It’s not unusual for someone to find Rockbridge County by accident, then find it to be irresistible.

“You would be shocked by the number of buyers who just happen to stumble across the area by making their way down I-81 or I-64,” said Kara Braddick, a licensed real estate agent serving the Lexington/Rockbridge County market and current Rockbridge Highlands Realtors president.

“They fall in love with our community, the setting and the location and ultimately decide to make this their permanent or second home. Our market isn’t specific when it comes to areas/neighborhoods so you often find a mixture of folks from young to elderly on the same street.”

The diversity of homes and homeowners is one of the many aspects that makes the Rockbridge County housing market ideal for buyers of all ages.

“We are fortunate to have quite a diverse market,” Braddick said. “We have young professionals moving to the area to work at the universities and in search of a safe community to raise their family. We also have retirees making their way to town to enjoy all the area has to offer, but perhaps at a slower pace than where they are coming from. Having the Virginia Horse Center in town is another big draw, as folks get exposed to this wonderful area, with lots of horse properties to choose from.”

The market has been steady in 2018, with more growth in the number of buyers as well as the sales prices.

“Throughout the entire county for all homes types, the average sales price is $225,000. Currently, the $250,000-$350,000 price range is very hot,” Braddick said.

Here is a look at the average sales price for the last year in the county and two key towns:

  • City of Lexington: 105 units, average sales price: $219,368.
  • City of Buena Vista: 73 units, average sales price: $90,525.
  • County of Rockbridge: 186 units, average sales price: $242,947.

“We seem to increasingly get requests from folks who want to have the capability to walk from their home to restaurants, shops and work,” Braddick said. “It seems as though people are ditching the car and enjoying a walk or bike ride to get from place to place.”

There are also more inquiries about condo living in the downtown areas.

“As with the national trend, lots of potential buyers are considering lower maintenance properties with the ability to access downtown amenities.”

There has been a boost in new construction in Rockbridge County as well.

“There are a handful of various neighborhoods being developed further – the Country Club area, The Ponds, and Weatherburn have seen consistent building of either spec or custom homes this year,” Braddick noted.

“The outlook right now is bright for our area, with an increase in sales year-over-year, and a decrease in inventory. I imagine at some point in the near future we will see a shift from a buyer’s market to a seller’s market.”

That ought to be enough to motivate would-be buyers to pull off the interstate as soon as possible and check out what Rockbridge County has in store for them.