Is 24502, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 24502 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 24502 has remained a Seller's Market.

Key Takeaway

24502 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 24502, VA

How much do homes in 24502, VA cost?

Median Sold Price

$284,995

$166/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$22,345(+8.5%)

Key Takeaway

Homes in 24502 have sold for 8.5% more than they did a year ago.

Summary: The median home sold price in 24502 was $284,995 in October 2024, up 8.5% from last year, and the median price per square foot was $166.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $185.7K$203K
+9.3%
3 $259.9K$284.9K
+9.6%
4 $290.5K$320K
+10.2%
5+ $459.5K$355K
-22.7%

Summary: 24502 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes decreased by 22.7%.

Median Sold Price Compared To Nearby Zip Codes

24502
+8.5%
24501
+7.3%
24503
+3.8%
24551
+0.8%

Housing Supply in 24502, VA

How many homes are available in 24502, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
161150-6.8%

Summary: The 24502 real estate market had 150 homes for sale in October 2024, a 6.8% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 3025
-16.7%
3 8079
-1.3%
4 3734
-8.1%
5+ 1412
-14.3%

Summary: The 24502 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 16.7%, 3 bedroom homes decreased by 1.3%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
5029-42.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 24502, expect to pay close to the asking price. 37.9% of homes here sold near the asking price last month.

Summary: A total of 29 homes were sold or pending in 24502 in October 2024, down by 42.0% month-over-month. Of the 29 sold homes, 34% were sold under asking, 38% were sold at asking, and 28% were sold over asking.

Days on Market for 24502, VA

How long does it take to sell a home in 24502, VA?

Average Sale Time

Oct 2023Oct 2024CHANGE
14 Days28 Days+102.5%

Summary: Homes in 24502 had an average of 28 days on market in Oct 2024, up by 102.5% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 24502 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 29 homes were sold in 24502; 72% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% 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 4 Days Ago

Newest Listings in 24502, VA

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