Is Gloucester, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Gloucester was a Neutral Market.
Key Takeaway
Gloucester is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gloucester, VA
How much do homes in Gloucester, VA cost?
Median Sold Price
$344,950
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Gloucester have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in Gloucester was $344,950 in May 2024, up 6.1% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $210.9K | $236.5K | +12.2% |
| 2 Bedrooms | $285K | $299K | +4.9% |
| 3 Bedrooms | $308K | $339.2K | +10.1% |
| 4 Bedrooms | $442K | $479.9K | +8.6% |
| 5+ Bedrooms | $417.5K | $625K | +49.7% |
Summary: Gloucester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 49.7%.
Housing Supply in Gloucester, VA
How many homes are available in Gloucester, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 204 | 225 | +10.3% |
Summary: The Gloucester real estate market had 225 homes for sale in May 2024, a 10.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 6 | -25.0% |
| 2 Bedrooms | 38 | 31 | -18.4% |
| 3 Bedrooms | 111 | 132 | +18.9% |
| 4 Bedrooms | 36 | 44 | +22.2% |
| 5+ Bedrooms | 11 | 12 | +9.1% |
Summary: The Gloucester housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 18.4%, 3 bedroom homes increased by 18.9%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 9.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 45 | 62 | +37.8% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gloucester, expect to pay close to the asking price. 36.4% of homes here sold near the asking price last month.
Summary: A total of 62 homes were sold or pending in Gloucester in May 2024, up by 37.8% month-over-month. Of the 33 sold homes, 33% were sold under asking, 36% were sold at asking, and 30% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 19 Days | 33 Days | +74.4% |
Summary: Homes in Gloucester had an average of 33 days on market in May 2024, up by 74.4% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gloucester are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 62 homes were sold in Gloucester; 66% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
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All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
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