Is 24588, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 24588 is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 24588 was a Seller's Market.

Key Takeaway

24588 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 24588, VA

How much do homes in 24588, VA cost?

Median Sold Price

$284,900

$168/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$5,000(-1.7%)

Key Takeaway

Homes in 24588 have sold for 1.7% less than they did a year ago.

Summary: The median home sold price in 24588 was $284,900 in February 2024, down 1.7% from last year, and the median price per square foot was $168.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $135K$183.5K
+35.9%
3 $279.9K$279.9K
0.0%
4 $337.7K$302K
-10.6%
5+ $529.4K$665K
+25.6%

Summary: 24588 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 35.9%, 3 bedroom homes did not change, 4 bedroom homes decreased by 10.6%, and 5+ bedroom homes increased by 25.6%.

Median Sold Price Compared To Nearby Zip Codes

24501
+19.7%
24504
+8.4%
24550
+4.4%
24588
-1.7%
24554
-4.3%

Housing Supply in 24588, VA

How many homes are available in 24588, VA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1731+82.4%

Summary: The 24588 real estate market had 31 homes for sale in February 2024, a 82.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 03
+100.0%
3 1113
+18.2%
4 613
+116.7%
5+ 02
+100.0%

Summary: The 24588 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 116.7%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
440.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 24588, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in 24588 in February 2024, the same as the previous month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.

Days on Market for 24588, VA

How long does it take to sell a home in 24588, VA?

Average Sale Time

Feb 2023Feb 2024CHANGE
14 Days22 Days+62.5%

Summary: Homes in 24588 had an average of 22 days on market in Feb 2024, up by 62.5% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 24588 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 4 homes were sold in 24588; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% 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 28 Days Ago

Newest Listings in 24588, VA

Nearby Markets to 24588, VA