Is Gate City, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Gate City was a Seller's Market.
Key Takeaway
Gate City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Gate City, VA
How much do homes in Gate City, VA cost?
Median Sold Price
$151,000
$111/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Gate City have sold for 8.8% less than they did a year ago.
Summary: The median home sold price in Gate City was $151,000 in March 2024, down 8.8% from last year, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | - | N/A |
| 2 Bedrooms | $104K | $126K | +21.2% |
| 3 Bedrooms | $175K | $165.2K | -5.6% |
| 4 Bedrooms | $247.9K | $245K | -1.2% |
| 5+ Bedrooms | $209.2K | $445.9K | +113.1% |
Summary: Gate City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 21.2%, 3 bedroom homes decreased by 5.6%, 4 bedroom homes decreased by 1.2%, and 5+ bedroom homes increased by 113.1%.
Housing Supply in Gate City, VA
How many homes are available in Gate City, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 19 | -9.5% |
Summary: The Gate City real estate market had 19 homes for sale in March 2024, a 9.5% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 0 | -100.0% |
| 3 Bedrooms | 13 | 14 | +7.7% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Gate City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes increased by 7.7%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 2 | -71.4% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Gate City, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Gate City in March 2024, down by 71.4% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Gate City, VA
How long does it take to sell a home in Gate City, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 48 Days | 88 Days | +81.4% |
Summary: Homes in Gate City had an average of 88 days on market in Mar 2024, up by 81.4% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Gate City has remained consistent over time.
Summary: During March 2024, 2 homes were sold in Gate City; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.