Is Lee, 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, Lee has remained a Seller's Market.
Key Takeaway
Lee is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lee, VA
How much do homes in Lee, VA cost?
Median Sold Price
$600,263
$335/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lee have sold for 5.3% more than they did a year ago.
Summary: The median home sold price in Lee was $600,263 in May 2024, up 5.3% from last year, and the median price per square foot was $335.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $268K | +24.7% |
| 2 Bedrooms | $398.9K | $405K | +1.5% |
| 3 Bedrooms | $575.3K | $599.1K | +4.1% |
| 4 Bedrooms | $655.5K | $695K | +6.0% |
| 5+ Bedrooms | $880K | $870K | -1.1% |
Summary: Lee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.7%, 2 bedroom homes increased by 1.5%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 6%, and 5+ bedroom homes decreased by 1.1%.
Median Sold Price Compared To Nearby Cities
| Alexandria | $601.3K | $648.2K | +7.8% |
| Mason | $629.3K | $677.5K | +7.6% |
| Alexandria | $605.5K | $646K | +6.7% |
| Lee | $570.1K | $600.2K | +5.3% |
| Mount Vernon | $648.9K | $674.9K | +4.0% |
Housing Supply in Lee, VA
How many homes are available in Lee, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 285 | 341 | +19.6% |
Summary: The Lee real estate market had 341 homes for sale in May 2024, a 19.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 13 | +30.0% |
| 2 Bedrooms | 49 | 64 | +30.6% |
| 3 Bedrooms | 122 | 138 | +13.1% |
| 4 Bedrooms | 64 | 87 | +35.9% |
| 5+ Bedrooms | 40 | 39 | -2.5% |
Summary: The Lee housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30%, 2 bedroom homes increased by 30.6%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 35.9%, and 5+ bedroom homes decreased by 2.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 103 | 101 | -1.9% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
70 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lee, you could pay more than the asking price. 69.3% of homes here sold above asking price last month.
Summary: A total of 101 homes were sold or pending in Lee in May 2024, down by 1.9% month-over-month. Of the 101 sold homes, 14% were sold under asking, 17% were sold at asking, and 69% were sold over asking.
Days on Market for Lee, VA
How long does it take to sell a home in Lee, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 12 Days | 8 Days | -33.1% |
Summary: Homes in Lee had an average of 8 days on market in May 2024, down by 33.1% compared to last year.
Breakdown of Home Sale Times
96 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lee are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 101 homes were sold in Lee; 95% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
