Is 24551, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 24551 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 24551 has remained a Seller's Market.

Key Takeaway

24551 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 24551, VA

How much do homes in 24551, VA cost?

Median Sold Price

$403,199

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,232(+0.8%)

Key Takeaway

Homes in 24551 have sold for 0.8% more than they did a year ago.

Summary: The median home sold price in 24551 was $403,199 in October 2024, up 0.8% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $162.4K$169.9K
+4.6%
2 $245K$250K
+2.0%
3 $350K$350K
0.0%
4 $500K$495K
-1.0%
5+ $600.5K$629.9K
+4.9%

Summary: 24551 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.6%, 2 bedroom homes increased by 2%, 3 bedroom homes did not change, 4 bedroom homes decreased by 1%, and 5+ bedroom homes increased by 4.9%.

Median Sold Price Compared To Nearby Zip Codes

24502
+8.5%
24503
+3.8%
24556
+3.3%
24551
+0.8%

Housing Supply in 24551, VA

How many homes are available in 24551, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
111103-7.2%

Summary: The 24551 real estate market had 103 homes for sale in October 2024, a 7.2% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 913
+44.4%
3 3528
-20.0%
4 4646
0.0%
5+ 2015
-25.0%

Summary: The 24551 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 increased by 44.4%, 3 bedroom homes decreased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2826-7.1%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 24551, you may be able to get a good deal. 42.3% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in 24551 in October 2024, down by 7.1% month-over-month. Of the 26 sold homes, 42% were sold under asking, 27% were sold at asking, and 31% were sold over asking.

Days on Market for 24551, VA

How long does it take to sell a home in 24551, VA?

Average Sale Time

Oct 2023Oct 2024CHANGE
27 Days41 Days+48.9%

Summary: Homes in 24551 had an average of 41 days on market in Oct 2024, up by 48.9% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 24551 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 26 homes were sold in 24551; 58% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% 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 24551, VA

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