Is James Madison, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, James Madison has remained a Seller's Market.
Key Takeaway
James Madison is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in James Madison, VA
How much do homes in James Madison, VA cost?
Median Sold Price
$449,999
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in James Madison have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in James Madison was $449,999 in May 2024, up 2.3% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $258K | N/A |
| 2 Bedrooms | $290K | $290.8K | 0.3% |
| 3 Bedrooms | $417.4K | $432.5K | +3.6% |
| 4 Bedrooms | $455K | $474.9K | +4.4% |
| 5+ Bedrooms | $541.6K | $499.9K | -7.7% |
Summary: James Madison housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 0.3%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes decreased by 7.7%.
Median Sold Price Compared To Nearby Cities
| James Monroe | $400K | $428.5K | +7.1% |
| King George | $425K | $439.9K | +3.5% |
| George Washington | $422.5K | $433.3K | +2.6% |
| James Madison | $440K | $449.9K | +2.3% |
Housing Supply in James Madison, VA
How many homes are available in James Madison, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 47 | 51 | +8.5% |
Summary: The James Madison real estate market had 51 homes for sale in May 2024, a 8.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 22 | 25 | +13.6% |
| 4 Bedrooms | 14 | 17 | +21.4% |
| 5+ Bedrooms | 9 | 7 | -22.2% |
Summary: The James Madison housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes decreased by 22.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 10 | +11.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in James Madison, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in James Madison in May 2024, up by 11.1% month-over-month. Of the 10 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for James Madison, VA
How long does it take to sell a home in James Madison, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 37 Days | +63.2% |
Summary: Homes in James Madison had an average of 37 days on market in May 2024, up by 63.2% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in James Madison are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in James Madison; 60% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
