Is Madison Heights, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Madison Heights is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Madison Heights has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Madison Heights, VA

How much do homes in Madison Heights, VA cost?

Median Sold Price

$261,500

$159/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$33,250(+14.6%)

Key Takeaway

Homes in Madison Heights have sold for 14.6% more than they did a year ago.

Summary: The median home sold price in Madison Heights was $261,500 in October 2024, up 14.6% from last year, and the median price per square foot was $159.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$137K
N/A
2 $151.7K$169.9K
+12.0%
3 $225.9K$261.5K
+15.7%
4 $290K$284K
-2.1%
5+ $277K$384K
+38.6%

Summary: Madison Heights housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 15.7%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes increased by 38.6%.

Median Sold Price Compared To Nearby Cities

Madison Heights
+14.6%
Lynchburg
+9.8%
Lynchburg
+9.8%
Concord
+3.9%
Wreck Island
+2.6%

Housing Supply in Madison Heights, VA

How many homes are available in Madison Heights, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6173+19.7%

Summary: The Madison Heights real estate market had 73 homes for sale in October 2024, a 19.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 78
+14.3%
3 3746
+24.3%
4 1415
+7.1%
5+ 24
+100.0%

Summary: The Madison Heights housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 24.3%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
913+44.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Madison Heights, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Madison Heights in October 2024, up by 44.4% month-over-month. Of the 13 sold homes, 62% were sold under asking, 23% were sold at asking, and 15% were sold over asking.

Days on Market for Madison Heights, VA

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

Average Sale Time

Oct 2023Oct 2024CHANGE
11 Days31 Days+173.3%

Summary: Homes in Madison Heights had an average of 31 days on market in Oct 2024, up by 173.3% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 13 homes were sold in Madison Heights; 62% of homes were sold within 30 days, 38% 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 5 Days Ago

Newest Listings in Madison Heights, VA

Nearby Markets to Madison Heights, VA

What housing markets are near Madison Heights, VA?