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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gloucester is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Gloucester was a Buyer's Market.

Key Takeaway

Gloucester is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Gloucester, VA

How much do homes in Gloucester, VA cost?

Median Sold Price

$357,000

$220/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$23,500(+7.0%)

Key Takeaway

Homes in Gloucester have sold for 7% more than they did a year ago.

Summary: The median home sold price in Gloucester was $357,000 in November 2024, up 7% from last year, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $167.5K$248.5K
+48.4%
2 $255K$330K
+29.4%
3 $324.2K$352.4K
+8.7%
4 $462.5K$494.9K
+7.0%
5+ $440K$790K
+79.5%

Summary: Gloucester housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 48.4%, 2 bedroom homes increased by 29.4%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 79.5%.

Median Sold Price Compared To Nearby Cities

Petsworth
+16.8%
Gloucester
+7.0%
Ware
+4.4%
Abingdon
+2.4%

Housing Supply in Gloucester, VA

How many homes are available in Gloucester, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
180156-13.3%

Summary: The Gloucester real estate market had 156 homes for sale in November 2024, a 13.3% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 34
+33.3%
2 2116
-23.8%
3 109103
-5.5%
4 4030
-25.0%
5+ 73
-57.1%

Summary: The Gloucester housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 23.8%, 3 bedroom homes decreased by 5.5%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 57.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
5125-51.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gloucester, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in Gloucester in November 2024, down by 51.0% month-over-month. Of the 13 sold homes, 46% were sold under asking, 23% were sold at asking, and 31% were sold over asking.

Days on Market for Gloucester, VA

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

Average Sale Time

Nov 2023Nov 2024CHANGE
37 Days56 Days+51.1%

Summary: Homes in Gloucester had an average of 56 days on market in Nov 2024, up by 51.1% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Gloucester has remained consistent over time.

Summary: During November 2024, 25 homes were sold in Gloucester; 24% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 20% 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 21 Days Ago

Newest Listings in Gloucester, VA

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