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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Penhook is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Penhook, VA

How much do homes in Penhook, VA cost?

Median Sold Price

$784,500

$376/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$54,500(-6.5%)

Key Takeaway

Homes in Penhook have sold for 6.5% less than they did a year ago.

Summary: The median home sold price in Penhook was $784,500 in October 2024, down 6.5% from last year, and the median price per square foot was $376.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $399.9K$459.5K
+14.9%
3 $500K$340K
-32.0%
4 $1.3M$1.4M
+10.4%
5+ $2.1M$2.7M
+27.8%

Summary: Penhook 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 14.9%, 3 bedroom homes decreased by 32%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes increased by 27.8%.

Median Sold Price Compared To Nearby Cities

Glade Hill
+39.3%
Union Hall
+17.9%
Penhook
-6.5%

Housing Supply in Penhook, VA

How many homes are available in Penhook, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
16160.0%

Summary: The Penhook real estate market had 16 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 11
0.0%
3 109
-10.0%
4 22
0.0%
5+ 34
+33.3%

Summary: The Penhook 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 remained the same, 3 bedroom homes decreased by 10%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Penhook, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Penhook in October 2024, up by 300.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.

Days on Market for Penhook, VA

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

Average Sale Time

Oct 2023Oct 2024CHANGE
9 Days22 Days+144.4%

Summary: Homes in Penhook had an average of 22 days on market in Oct 2024, up by 144.4% compared to last year.

Breakdown of Home Sale Times

1 Home Was 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 Penhook are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 4 homes were sold in Penhook; 25% 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 4 Days Ago

Newest Listings in Penhook, VA

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