Is Martinsville, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Martinsville is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Martinsville was a Seller's Market.

Key Takeaway

Martinsville is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Martinsville, VA

How much do homes in Martinsville, VA cost?

Median Sold Price

$126,500

$88/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$18,357(-12.7%)

Key Takeaway

Homes in Martinsville have sold for 12.7% less than they did a year ago.

Summary: The median home sold price in Martinsville was $126,500 in October 2024, down 12.7% from last year, and the median price per square foot was $88.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$55K
N/A
2 $108.9K$50K
-54.1%
3 $143.9K$127.3K
-11.6%
4 $194.4K$150K
-22.9%
5+ $389K$400.5K
+3.0%

Summary: Martinsville 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 decreased by 54.1%, 3 bedroom homes decreased by 11.6%, 4 bedroom homes decreased by 22.9%, and 5+ bedroom homes increased by 3%.

Median Sold Price Compared To Nearby Cities

Iriswood
+171.8%
Collinsville
+13.9%
Axton
0.0%
Martinsville
-12.7%
Martinsville
-15.0%

Housing Supply in Martinsville, VA

How many homes are available in Martinsville, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3545+28.6%

Summary: The Martinsville real estate market had 45 homes for sale in October 2024, a 28.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 33
0.0%
2 712
+71.4%
3 1720
+17.6%
4 810
+25.0%
5+ 00
0.0%

Summary: The Martinsville housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 71.4%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
37+133.3%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Martinsville, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Martinsville in October 2024, up by 133.3% month-over-month. Of the 7 sold homes, 86% were sold under asking, 14% were sold at asking, and 0% were sold over asking.

Days on Market for Martinsville, VA

We’re sorry, we don't have information for this market at the moment

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in Martinsville, VA

Nearby Markets to Martinsville, VA

What housing markets are near Martinsville, VA?