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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Petersburg is a buyer's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

Petersburg is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Petersburg, VA

How much do homes in Petersburg, VA cost?

Median Sold Price

$213,000

$149/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$25,428(+13.6%)

Key Takeaway

Homes in Petersburg have sold for 13.6% more than they did a year ago.

Summary: The median home sold price in Petersburg was $213,000 in November 2024, up 13.6% from last year, and the median price per square foot was $149.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $72.5K$106.5K
+46.9%
2 $126K$134K
+6.3%
3 $189.9K$207.4K
+9.2%
4 $235K$265K
+12.8%
5+ $298K$315K
+5.7%

Summary: Petersburg housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.9%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes increased by 5.7%.

Median Sold Price Compared To Nearby Cities

Rives
+18.2%
Petersburg
+13.6%
Petersburg
+8.8%
Colonial Heights
+5.7%

Housing Supply in Petersburg, VA

How many homes are available in Petersburg, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
172184+7.0%

Summary: The Petersburg real estate market had 184 homes for sale in November 2024, a 7.0% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 01
+100.0%
2 2323
0.0%
3 106108
+1.9%
4 3540
+14.3%
5+ 812
+50.0%

Summary: The Petersburg housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4125-39.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Petersburg, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in Petersburg in November 2024, down by 39.0% month-over-month. Of the 25 sold homes, 60% were sold under asking, 16% were sold at asking, and 24% were sold over asking.

Days on Market for Petersburg, VA

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

Average Sale Time

Nov 2023Nov 2024CHANGE
27 Days31 Days+17.1%

Summary: Homes in Petersburg had an average of 31 days on market in Nov 2024, up by 17.1% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 25 homes were sold in Petersburg; 52% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 8% 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 21 Days Ago

Newest Listings in Petersburg, VA

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