Is Isle of Wight County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Isle of Wight County is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Isle of Wight County has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Isle of Wight County, VA

How much do homes in Isle of Wight County, VA cost?

Median Sold Price

$345,000

$231/sqft

Based on all homes sold in May 2024.

Difference Since Last Month

-$242,130(-41.2%)

Key Takeaway

Homes in Isle of Wight County have sold for 41.2% less than they did a month ago.

Summary: The median home sold price in Isle of Wight County was $345,000 in May 2024, down 41.2% from last month, and the median price per square foot was $231.

Median Sold Price By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 --
N/A
2 --
N/A
3 -$235K
N/A
4 $587.1K$455K
-22.5%
5+ --
N/A

Summary: Isle of Wight County housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 22.5%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Counties

Surry County
+129.6%
Isle of Wight County
-41.2%

Housing Supply in Isle of Wight County, VA

How many homes are available in Isle of Wight County, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
284325+14.4%

Summary: The Isle of Wight County real estate market had 325 homes for sale in May 2024, a 14.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 12
+100.0%
2 2526
+4.0%
3 122136
+11.5%
4 96112
+16.7%
5+ 4049
+22.5%

Summary: The Isle of Wight County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 22.5%.

Number of Homes Sold

Apr 2024May 2024CHANGE
5056+12.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Isle of Wight County, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 56 homes were sold or pending in Isle of Wight County in May 2024, up by 12.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Isle of Wight County, VA

How long does it take to sell a home in Isle of Wight County, VA?

Average Sale Time

Apr 2024May 2024CHANGE
33 Days29 Days-12.1%

Summary: Homes in Isle of Wight County had an average of 29 days on market in May 2024, down by 12.1% compared to last month.

Breakdown of Home Sale Times

39 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 56 homes were sold in Isle of Wight County; 70% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 4% 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

Newest Listings in Isle of Wight County, VA

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