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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Westmoreland County is a buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Westmoreland County was a Seller's Market.

Key Takeaway

Westmoreland County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Westmoreland County, VA

How much do homes in Westmoreland County, VA cost?

Median Sold Price

$312,000

$210/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$22,000(+7.6%)

Key Takeaway

Homes in Westmoreland County have sold for 7.6% more than they did a year ago.

Summary: The median home sold price in Westmoreland County was $312,000 in May 2024, up 7.6% from last year, and the median price per square foot was $210.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $227.4K$230K
+1.1%
2 $250K$242K
-3.2%
3 $278.7K$309K
+10.9%
4 $385.7K$398.1K
+3.2%
5+ $830K$506K
-39.0%

Summary: Westmoreland County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.1%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes decreased by 39%.

Median Sold Price Compared To Nearby Counties

Essex County
+13.3%
Westmoreland County
+7.6%
Saint Mary's County
+3.8%
King George County
+3.5%
Richmond County
-1.9%

Housing Supply in Westmoreland County, VA

How many homes are available in Westmoreland County, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
234254+8.5%

Summary: The Westmoreland County real estate market had 254 homes for sale in May 2024, a 8.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 31
-66.7%
2 3239
+21.9%
3 154167
+8.4%
4 3437
+8.8%
5+ 1110
-9.1%

Summary: The Westmoreland County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 21.9%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes decreased by 9.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3429-14.7%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

15 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Westmoreland County, expect to pay close to the asking price. 51.7% of homes here sold near the asking price last month.

Summary: A total of 29 homes were sold or pending in Westmoreland County in May 2024, down by 14.7% month-over-month. Of the 29 sold homes, 31% were sold under asking, 52% were sold at asking, and 17% were sold over asking.

Days on Market for Westmoreland County, VA

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

Average Sale Time

May 2023May 2024CHANGE
46 Days44 Days-5.2%

Summary: Homes in Westmoreland County had an average of 44 days on market in May 2024, down by 5.2% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 29 homes were sold in Westmoreland County; 66% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% 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 Westmoreland County, VA

Nearby Markets to Westmoreland County, VA

What housing markets are near Westmoreland County, VA?