$3,052 Closing Credit*
$257,000
3,326 SqFt
4 Beds
•3 Full Baths
#9974470, Debra Perry / ABR, e-PRO, GRI, Listing Office: Park Hill Realty Group, LLC
Is Gate City, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Gate City was a Seller's Market.
Key Takeaway
Gate City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Gate City, VA
How much do homes in Gate City, VA cost?
Median Sold Price
$199,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$59,000(+42.1%)
Key Takeaway
Homes in Gate City have sold for 42.1% more than they did a year ago.
Summary: The median home sold price in Gate City was $199,000 in November 2024, up 42.1% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65K | - | N/A |
| 2 Bedrooms | $126K | $151K | +19.8% |
| 3 Bedrooms | $163.5K | $190K | +16.2% |
| 4 Bedrooms | $237.5K | $243K | +2.3% |
| 5+ Bedrooms | $590K | $290K | -50.8% |
Summary: Gate City housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 16.2%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes decreased by 50.8%.
Housing Supply in Gate City, VA
How many homes are available in Gate City, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 34 | 29 | -14.7% |
Summary: The Gate City real estate market had 29 homes for sale in November 2024, a 14.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 5 | -16.7% |
| 3 Bedrooms | 15 | 14 | -6.7% |
| 4 Bedrooms | 8 | 6 | -25.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Gate City housing inventory by bedroom type for November 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 6.7%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6 | 4 | -33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gate City, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Gate City in November 2024, down by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 73 Days | 123 Days | +68.0% |
Summary: Homes in Gate City had an average of 123 days on market in Nov 2024, up by 68% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 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 November 2024, 4 homes were sold in Gate City; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
