Is 22602, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 22602 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 22602 has remained a Seller's Market.

Key Takeaway

22602 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 22602, VA

How much do homes in 22602, VA cost?

Median Sold Price

$390,000

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$15,000(+4.0%)

Key Takeaway

Homes in 22602 have sold for 4% more than they did a year ago.

Summary: The median home sold price in 22602 was $390,000 in October 2024, up 4% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $144K$176K
+22.2%
2 $244.9K$277.5K
+13.3%
3 $350K$359.8K
+2.8%
4 $446.4K$500K
+12.0%
5+ $655.4K$600K
-8.5%

Summary: 22602 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 12%, and 5+ bedroom homes decreased by 8.5%.

Median Sold Price Compared To Nearby Zip Codes

22603
+12.6%
22601
+5.9%
22655
+5.1%
22602
+4.0%

Housing Supply in 22602, VA

How many homes are available in 22602, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
167174+4.2%

Summary: The 22602 real estate market had 174 homes for sale in October 2024, a 4.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2218
-18.2%
3 8676
-11.6%
4 4659
+28.3%
5+ 1321
+61.5%

Summary: The 22602 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 18.2%, 3 bedroom homes decreased by 11.6%, 4 bedroom homes increased by 28.3%, and 5+ bedroom homes increased by 61.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4235-16.7%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 22602, expect to pay close to the asking price. 40% of homes here sold near the asking price last month.

Summary: A total of 35 homes were sold or pending in 22602 in October 2024, down by 16.7% month-over-month. Of the 35 sold homes, 29% were sold under asking, 40% were sold at asking, and 31% were sold over asking.

Days on Market for 22602, VA

How long does it take to sell a home in 22602, VA?

Average Sale Time

Oct 2023Oct 2024CHANGE
51 Days35 Days-31.7%

Summary: Homes in 22602 had an average of 35 days on market in Oct 2024, down by 31.7% compared to last year.

Breakdown of Home Sale Times

26 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 22602 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 35 homes were sold in 22602; 74% of homes were sold within 30 days, 9% 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 20 Days Ago

Newest Listings in 22602, VA

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