Is Dumfries, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Dumfries has remained a Seller's Market.
Key Takeaway
Dumfries is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Dumfries, VA
How much do homes in Dumfries, VA cost?
Median Sold Price
$547,500
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Dumfries have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in Dumfries was $547,500 in May 2024, up 1.4% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $335K | $410K | +22.4% |
| 3 Bedrooms | $441K | $470K | +6.6% |
| 4 Bedrooms | $597K | $622.5K | +4.3% |
| 5+ Bedrooms | $699.5K | $720K | +2.9% |
Summary: Dumfries housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 22.4%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 2.9%.
Housing Supply in Dumfries, VA
How many homes are available in Dumfries, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 140 | 157 | +12.1% |
Summary: The Dumfries real estate market had 157 homes for sale in May 2024, a 12.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 12 | 15 | +25.0% |
| 3 Bedrooms | 53 | 56 | +5.7% |
| 4 Bedrooms | 53 | 62 | +17.0% |
| 5+ Bedrooms | 22 | 24 | +9.1% |
Summary: The Dumfries housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 17%, and 5+ bedroom homes increased by 9.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 53 | 33 | -37.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Dumfries, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 33 homes were sold or pending in Dumfries in May 2024, down by 37.7% month-over-month. Of the 33 sold homes, 6% were sold under asking, 30% were sold at asking, and 64% were sold over asking.
Days on Market for Dumfries, VA
How long does it take to sell a home in Dumfries, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 8 Days | -52.6% |
Summary: Homes in Dumfries had an average of 8 days on market in May 2024, down by 52.6% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Dumfries are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 33 homes were sold in Dumfries; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
