$2,136 Closing Credit*
$179,900
1,820 SqFt
3 Beds
•2 Full Baths
#9973675, Dawn Carter, Listing Office: Copper Key Properties
Is Gate City, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Gate City has remained a Seller's Market.
Key Takeaway
Gate City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gate City, VA
How much do homes in Gate City, VA cost?
Median Sold Price
$194,500
$114/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$43,500(+28.8%)
Key Takeaway
Homes in Gate City have sold for 28.8% more than they did a year ago.
Summary: The median home sold price in Gate City was $194,500 in October 2024, up 28.8% from last year, and the median price per square foot was $114.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | - | N/A |
| 2 Bedrooms | $126K | $137K | +8.7% |
| 3 Bedrooms | $172.4K | $190K | +10.2% |
| 4 Bedrooms | $237.5K | $239.1K | +0.7% |
| 5+ Bedrooms | $590K | $290K | -50.8% |
Summary: Gate City 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 8.7%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes decreased by 50.8%.
Median Sold Price Compared To Nearby Cities
| Gate City | $151K | $194.5K | +28.8% |
| Weber City | $168.5K | $167.5K | -0.6% |
Housing Supply in Gate City, VA
How many homes are available in Gate City, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 40 | 35 | -12.5% |
Summary: The Gate City real estate market had 35 homes for sale in October 2024, a 12.5% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 6 | -33.3% |
| 3 Bedrooms | 19 | 18 | -5.3% |
| 4 Bedrooms | 7 | 7 | 0.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Gate City 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 33.3%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gate City, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Gate City in October 2024, down by 14.3% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Gate City, VA
How long does it take to sell a home in Gate City, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 61 Days | 81 Days | +32.8% |
Summary: Homes in Gate City had an average of 81 days on market in Oct 2024, up by 32.8% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Gate City has remained consistent over time.
Summary: During October 2024, 6 homes were sold in Gate City; 0% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
