Is Petersburg, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Petersburg has remained a Seller's Market.
Housing Prices in Petersburg, VA
How much do homes in Petersburg, VA cost?
Median Sold Price
$229,962
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Petersburg was $229,962 in May 2024, up 7% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $105K | $69K | -34.3% |
2 Bedrooms | $118K | $140.5K | +19.1% |
3 Bedrooms | $214K | $225K | +5.1% |
4 Bedrooms | $252K | $274K | +8.7% |
5+ Bedrooms | $306.5K | $354K | +15.5% |
Summary: Petersburg housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.3%, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 15.5%.
Median Sold Price Compared To Nearby Cities
Petersburg | $175K | $200K | +14.3% |
Colonial Heights | $245K | $268K | +9.4% |
Petersburg | $215K | $229.9K | +7.0% |
Rives | $281K | $300K | +6.8% |
Housing Supply in Petersburg, VA
How many homes are available in Petersburg, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
258 | 270 | +4.7% |
Summary: The Petersburg real estate market had 270 homes for sale in May 2024, a 4.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 4 | +100.0% |
2 Bedrooms | 31 | 30 | -3.2% |
3 Bedrooms | 152 | 165 | +8.6% |
4 Bedrooms | 62 | 56 | -9.7% |
5+ Bedrooms | 13 | 15 | +15.4% |
Summary: The Petersburg housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 9.7%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
66 | 67 | +1.5% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Summary: A total of 67 homes were sold or pending in Petersburg in May 2024, up by 1.5% month-over-month. Of the 67 sold homes, 37% were sold under asking, 27% were sold at asking, and 36% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
28 Days | 24 Days | -12.4% |
Summary: Homes in Petersburg had an average of 24 days on market in May 2024, down by 12.4% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During May 2024, 67 homes were sold in Petersburg; 73% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.