$3,266 Closing Credit*
$275,000
1,008 SqFt
3 Beds
•1 Full Bath, 1 Partial
Melissa J Stewart, Listing Office: Berkshire Hathaway HomeServices PenFed Realty
Is James Madison, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, James Madison has remained a Seller's Market.
Key Takeaway
James Madison is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in James Madison, VA
How much do homes in James Madison, VA cost?
Median Sold Price
$460,362
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$20,362(+4.6%)
Key Takeaway
Homes in James Madison have sold for 4.6% more than they did a year ago.
Summary: The median home sold price in James Madison was $460,362 in November 2024, up 4.6% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $258K | N/A |
| 2 Bedrooms | $300K | $295.4K | -1.5% |
| 3 Bedrooms | $430.4K | $439.9K | +2.2% |
| 4 Bedrooms | $450K | $491.9K | +9.3% |
| 5+ Bedrooms | $505K | $512.5K | +1.5% |
Summary: James Madison 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 decreased by 1.5%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 1.5%.
Median Sold Price Compared To Nearby Cities
| James Monroe | $400K | $450K | +12.5% |
| King George | $430K | $460.9K | +7.2% |
| James Madison | $440K | $460.3K | +4.6% |
| George Washington | $441.6K | $428.5K | -3.0% |
Housing Supply in James Madison, VA
How many homes are available in James Madison, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 28 | 37 | +32.1% |
Summary: The James Madison real estate market had 37 homes for sale in November 2024, a 32.1% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 11 | 16 | +45.5% |
| 4 Bedrooms | 12 | 15 | +25.0% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The James Madison 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 increased by 45.5%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in James Madison, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in James Madison in November 2024, up by 33.3% month-over-month. Of the 8 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for James Madison, VA
How long does it take to sell a home in James Madison, VA?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 44 Days | 16 Days | -62.9% |
Summary: Homes in James Madison had an average of 16 days on market in Nov 2024, down by 62.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in James Madison are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 8 homes were sold in James Madison; 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.
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