Is Gainesville, 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, Gainesville has remained a Seller's Market.
Key Takeaway
Gainesville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gainesville, VA
How much do homes in Gainesville, VA cost?
Median Sold Price
$603,125
$242/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Gainesville have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Gainesville was $603,125 in May 2024, up 7.9% from last year, and the median price per square foot was $242.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.5K | $230K | +19.5% |
| 2 Bedrooms | $386.5K | $374.5K | -3.1% |
| 3 Bedrooms | $475K | $515K | +8.4% |
| 4 Bedrooms | $670.6K | $745.1K | +11.1% |
| 5+ Bedrooms | $875.3K | $925K | +5.7% |
Summary: Gainesville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.5%, 2 bedroom homes decreased by 3.1%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 5.7%.
Median Sold Price Compared To Nearby Cities
| Broad Run | $608.8K | $710.5K | +16.7% |
| Chantilly | $675K | $750.2K | +11.1% |
| Gainesville | $559K | $603.1K | +7.9% |
| Haymarket | $660.2K | $703.8K | +6.6% |
Housing Supply in Gainesville, VA
How many homes are available in Gainesville, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 297 | 367 | +23.6% |
Summary: The Gainesville real estate market had 367 homes for sale in May 2024, a 23.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 0 | -100.0% |
| 2 Bedrooms | 33 | 42 | +27.3% |
| 3 Bedrooms | 107 | 131 | +22.4% |
| 4 Bedrooms | 110 | 132 | +20.0% |
| 5+ Bedrooms | 44 | 62 | +40.9% |
Summary: The Gainesville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 22.4%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 40.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 104 | 96 | -7.7% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
55 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gainesville, you could pay more than the asking price. 57.3% of homes here sold above asking price last month.
Summary: A total of 96 homes were sold or pending in Gainesville in May 2024, down by 7.7% month-over-month. Of the 96 sold homes, 20% were sold under asking, 23% were sold at asking, and 57% were sold over asking.
Days on Market for Gainesville, VA
How long does it take to sell a home in Gainesville, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 12 Days | +9.7% |
Summary: Homes in Gainesville had an average of 12 days on market in May 2024, up by 9.7% compared to last year.
Breakdown of Home Sale Times
88 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Gainesville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 96 homes were sold in Gainesville; 92% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
