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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Powhatan is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Powhatan, VA

How much do homes in Powhatan, VA cost?

Median Sold Price

$455,000

$228/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$28,400(+6.7%)

Key Takeaway

Homes in Powhatan have sold for 6.7% more than they did a year ago.

Summary: The median home sold price in Powhatan was $455,000 in October 2024, up 6.7% from last year, and the median price per square foot was $228.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $189.9K$275K
+44.8%
2 $268.7K$329.9K
+22.8%
3 $350K$387.4K
+10.7%
4 $570.4K$578K
+1.3%
5+ $757K$714.9K
-5.6%

Summary: Powhatan housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 44.8%, 2 bedroom homes increased by 22.8%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes decreased by 5.6%.

Median Sold Price Compared To Nearby Cities

Amelia Court House
+9.5%
Powhatan
+6.7%
Moseley
+0.8%

Housing Supply in Powhatan, VA

How many homes are available in Powhatan, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
10499-4.8%

Summary: The Powhatan real estate market had 99 homes for sale in October 2024, a 4.8% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 62
-66.7%
3 5049
-2.0%
4 3538
+8.6%
5+ 129
-25.0%

Summary: The Powhatan 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 66.7%, 3 bedroom homes decreased by 2%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3122-29.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Powhatan, you could pay more than the asking price. 36.4% of homes here sold above asking price last month.

Summary: A total of 22 homes were sold or pending in Powhatan in October 2024, down by 29.0% month-over-month. Of the 22 sold homes, 32% were sold under asking, 32% were sold at asking, and 36% were sold over asking.

Days on Market for Powhatan, VA

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

Average Sale Time

Oct 2023Oct 2024CHANGE
17 Days21 Days+22.8%

Summary: Homes in Powhatan had an average of 21 days on market in Oct 2024, up by 22.8% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 22 homes were sold in Powhatan; 77% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 5% 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 13 Days Ago

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