Is Gloucester County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gloucester County is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Gloucester County has remained a Seller's Market.

Key Takeaway

Gloucester County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Gloucester County, VA

How much do homes in Gloucester County, VA cost?

Median Sold Price

$338,766

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$28,766(+9.3%)

Key Takeaway

Homes in Gloucester County have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in Gloucester County was $338,766 in May 2024, up 9.3% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $405.4K$236.5K
-41.7%
2 $255K$288K
+12.9%
3 $300K$338.7K
+12.9%
4 $409.9K$440K
+7.3%
5+ $402.5K$610K
+51.6%

Summary: Gloucester County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 41.7%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 51.6%.

Median Sold Price Compared To Nearby Counties

King and Queen County
+14.3%
Gloucester County
+9.3%
Middlesex County
+1.4%
Mathews County
-11.8%

Housing Supply in Gloucester County, VA

How many homes are available in Gloucester County, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
323351+8.7%

Summary: The Gloucester County real estate market had 351 homes for sale in May 2024, a 8.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 86
-25.0%
2 5247
-9.6%
3 176204
+15.9%
4 6977
+11.6%
5+ 1817
-5.6%

Summary: The Gloucester County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 9.6%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes decreased by 5.6%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6388+39.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gloucester County, you could pay more than the asking price. 37.8% of homes here sold above asking price last month.

Summary: A total of 88 homes were sold or pending in Gloucester County in May 2024, up by 39.7% month-over-month. Of the 45 sold homes, 27% were sold under asking, 36% were sold at asking, and 38% were sold over asking.

Days on Market for Gloucester County, VA

How long does it take to sell a home in Gloucester County, VA?

Average Sale Time

May 2023May 2024CHANGE
18 Days27 Days+47.1%

Summary: Homes in Gloucester County had an average of 27 days on market in May 2024, up by 47.1% compared to last year.

Breakdown of Home Sale Times

65 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Gloucester County are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 88 homes were sold in Gloucester County; 74% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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