$2,672 Closing Credit*
$225,000
4,050 SqFt
Izamar Martinez Bruno, Listing Office: EXP Realty LLC
Is Petersburg, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Petersburg has remained a Seller's Market.
Key Takeaway
Petersburg is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Petersburg, VA
How much do homes in Petersburg, VA cost?
Median Sold Price
$214,900
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$29,564(+16.0%)
Key Takeaway
Homes in Petersburg have sold for 16% more than they did a year ago.
Summary: The median home sold price in Petersburg was $214,900 in October 2024, up 16% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72.5K | $106.5K | +46.9% |
| 2 Bedrooms | $120K | $134K | +11.7% |
| 3 Bedrooms | $189.9K | $210.7K | +11.0% |
| 4 Bedrooms | $230K | $258.9K | +12.6% |
| 5+ Bedrooms | $267K | $332.5K | +24.5% |
Summary: Petersburg housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 46.9%, 2 bedroom homes increased by 11.7%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes increased by 24.5%.
Median Sold Price Compared To Nearby Cities
| Petersburg | $185.3K | $214.9K | +16.0% |
| Rives | $270K | $311.2K | +15.3% |
| Colonial Heights | $250K | $281.3K | +12.5% |
| Petersburg | $215K | $239.3K | +11.3% |
Housing Supply in Petersburg, VA
How many homes are available in Petersburg, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 168 | 179 | +6.5% |
Summary: The Petersburg real estate market had 179 homes for sale in October 2024, a 6.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 29 | 22 | -24.1% |
| 3 Bedrooms | 100 | 110 | +10.0% |
| 4 Bedrooms | 28 | 36 | +28.6% |
| 5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The Petersburg 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 decreased by 24.1%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 38 | 37 | -2.6% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petersburg, you may be able to get a good deal. 45.9% of homes here sold below asking price last month.
Summary: A total of 37 homes were sold or pending in Petersburg in October 2024, down by 2.6% month-over-month. Of the 37 sold homes, 46% were sold under asking, 27% were sold at asking, and 27% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 27 Days | 34 Days | +25.2% |
Summary: Homes in Petersburg had an average of 34 days on market in Oct 2024, up by 25.2% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Petersburg are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 37 homes were sold in Petersburg; 62% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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