$3,563 Closing Credit*
$300,000
922 SqFt
2 Beds
•2 Full Baths
Julie K Young, Listing Office: Samson Properties
Is Lake Ridge, 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, Lake Ridge has remained a Seller's Market.
Key Takeaway
Lake Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Ridge, VA
How much do homes in Lake Ridge, VA cost?
Median Sold Price
$500,000
$251/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$40,000(+8.7%)
Key Takeaway
Homes in Lake Ridge have sold for 8.7% more than they did a year ago.
Summary: The median home sold price in Lake Ridge was $500,000 in November 2024, up 8.7% from last year, and the median price per square foot was $251.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $196.5K | $240K | +22.1% |
| 2 Bedrooms | $299K | $310K | +3.7% |
| 3 Bedrooms | $440K | $468K | +6.4% |
| 4 Bedrooms | $579K | $600K | +3.6% |
| 5+ Bedrooms | $655K | $767.5K | +17.2% |
Summary: Lake Ridge housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.1%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 17.2%.
Housing Supply in Lake Ridge, VA
How many homes are available in Lake Ridge, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 113 | 94 | -16.8% |
Summary: The Lake Ridge real estate market had 94 homes for sale in November 2024, a 16.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 18 | 14 | -22.2% |
| 3 Bedrooms | 56 | 47 | -16.1% |
| 4 Bedrooms | 21 | 20 | -4.8% |
| 5+ Bedrooms | 15 | 12 | -20.0% |
Summary: The Lake Ridge housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes decreased by 16.1%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 51 | 29 | -43.1% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Ridge, you may be able to get a good deal. 37.9% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in Lake Ridge in November 2024, down by 43.1% month-over-month. Of the 29 sold homes, 38% were sold under asking, 31% were sold at asking, and 31% were sold over asking.
Days on Market for Lake Ridge, VA
How long does it take to sell a home in Lake Ridge, VA?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 13 Days | 20 Days | +56.5% |
Summary: Homes in Lake Ridge had an average of 20 days on market in Nov 2024, up by 56.5% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Ridge are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 29 homes were sold in Lake Ridge; 76% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
