Is Gum Spring, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gum Spring is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Gum Spring has remained a Seller's Market.

Key Takeaway

Gum Spring is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Gum Spring, VA

How much do homes in Gum Spring, VA cost?

Median Sold Price

$399,950

$224/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$52,120(+15.0%)

Key Takeaway

Homes in Gum Spring have sold for 15% more than they did a year ago.

Summary: The median home sold price in Gum Spring was $399,950 in November 2024, up 15% from last year, and the median price per square foot was $224.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $265K$275K
+3.8%
3 $345.9K$365K
+5.5%
4 $407.6K$512.5K
+25.7%
5+ -$587K
N/A

Summary: Gum Spring 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 3.8%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 25.7%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Goochland
+44.0%
Gum Spring
+15.0%
Mountain Road
+15.0%
Maidens
+10.0%

Housing Supply in Gum Spring, VA

How many homes are available in Gum Spring, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
990.0%

Summary: The Gum Spring real estate market had 9 homes for sale in November 2024, the same as October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 00
0.0%
3 77
0.0%
4 11
0.0%
5+ 11
0.0%

Summary: The Gum Spring 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
220.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gum Spring, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 2 homes were sold or pending in Gum Spring in November 2024, the same as the previous month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.

Days on Market for Gum Spring, VA

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

Average Sale Time

Nov 2023Nov 2024CHANGE
40 Days17 Days-58.2%

Summary: Homes in Gum Spring had an average of 17 days on market in Nov 2024, down by 58.2% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Gum Spring are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 2 homes were sold in Gum Spring; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 Gum Spring, VA

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