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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Berkeley is a seller's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Berkeley was a Buyer's Market.

Key Takeaway

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

Housing Prices in Berkeley, VA

How much do homes in Berkeley, VA cost?

Median Sold Price

$550,000

$218/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$85,000(+18.3%)

Key Takeaway

Homes in Berkeley have sold for 18.3% more than they did a year ago.

Summary: The median home sold price in Berkeley was $550,000 in October 2024, up 18.3% from last year, and the median price per square foot was $218.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $267K$297.5K
+11.4%
3 $365K$447.5K
+22.6%
4 $500K$710K
+42.0%
5+ $837.5K$1.1M
+38.2%

Summary: Berkeley housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 22.6%, 4 bedroom homes increased by 42%, and 5+ bedroom homes increased by 38.2%.

Median Sold Price Compared To Nearby Cities

Jamestown
+27.1%
Berkeley
+18.3%
Williamsburg
+10.8%
Williamsburg
+10.7%
Powhatan
+6.6%

Housing Supply in Berkeley, VA

How many homes are available in Berkeley, VA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
116125+7.8%

Summary: The Berkeley real estate market had 125 homes for sale in October 2024, a 7.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 33
0.0%
2 1013
+30.0%
3 4145
+9.8%
4 4953
+8.2%
5+ 1311
-15.4%

Summary: The Berkeley 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 increased by 30%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes decreased by 15.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
23230.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

4 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Berkeley, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 23 homes were sold or pending in Berkeley in October 2024, the same as the previous month. Of the 8 sold homes, 13% were sold under asking, 50% were sold at asking, and 38% were sold over asking.

Days on Market for Berkeley, VA

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

Average Sale Time

Oct 2023Oct 2024CHANGE
52 Days31 Days-40.1%

Summary: Homes in Berkeley had an average of 31 days on market in Oct 2024, down by 40.1% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 23 homes were sold in Berkeley; 65% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 4% 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 5 Days Ago

Newest Listings in Berkeley, VA

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