Is Rio, 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, Rio has remained a Seller's Market.
Key Takeaway
Rio is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rio, VA
How much do homes in Rio, VA cost?
Median Sold Price
$452,362
$224/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Rio has remained the same since last year.
Summary: The median home sold price in Rio was $452,362 in May 2024, up 0.4% from last year, and the median price per square foot was $224.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $195K | N/A |
| 2 Bedrooms | $310K | $308.2K | -0.6% |
| 3 Bedrooms | $400K | $409.7K | +2.4% |
| 4 Bedrooms | $510K | $629.5K | +23.4% |
| 5+ Bedrooms | $772.5K | $734.5K | -4.9% |
Summary: Rio housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.6%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 23.4%, and 5+ bedroom homes decreased by 4.9%.
Median Sold Price Compared To Nearby Cities
| Earlysville | $520K | $650K | +25.0% |
| Rivanna | $485K | $540.3K | +11.4% |
| Charlottesville | $467K | $512K | +9.6% |
| Rio | $450.5K | $452.3K | 0.4% |
| Jack Jouett | $500K | $415K | -17.0% |
Housing Supply in Rio, VA
How many homes are available in Rio, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 98 | 95 | -3.1% |
Summary: The Rio real estate market had 95 homes for sale in May 2024, a 3.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 6 | 7 | +16.7% |
| 3 Bedrooms | 47 | 50 | +6.4% |
| 4 Bedrooms | 31 | 27 | -12.9% |
| 5+ Bedrooms | 14 | 10 | -28.6% |
Summary: The Rio 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 increased by 16.7%, 3 bedroom homes increased by 6.4%, 4 bedroom homes decreased by 12.9%, and 5+ bedroom homes decreased by 28.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 30 | -3.2% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rio, you could pay more than the asking price. 40% of homes here sold above asking price last month.
Summary: A total of 30 homes were sold or pending in Rio in May 2024, down by 3.2% month-over-month. Of the 30 sold homes, 23% were sold under asking, 37% were sold at asking, and 40% were sold over asking.
Days on Market for Rio, VA
How long does it take to sell a home in Rio, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 13 Days | -11.3% |
Summary: Homes in Rio had an average of 13 days on market in May 2024, down by 11.3% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Rio are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 30 homes were sold in Rio; 90% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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