Is Glen Allen, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Glen Allen is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Glen Allen, VA

How much do homes in Glen Allen, VA cost?

Median Sold Price

$485,000

$221/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$25,000(+5.4%)

Key Takeaway

Homes in Glen Allen have sold for 5.4% more than they did a year ago.

Summary: The median home sold price in Glen Allen was $485,000 in May 2024, up 5.4% from last year, and the median price per square foot was $221.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $160.2K$182.7K
+14.0%
2 $259K$275K
+6.2%
3 $388.2K$413.2K
+6.5%
4 $482.3K$530K
+9.9%
5+ $742K$800K
+7.8%

Summary: Glen Allen housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 7.8%.

Median Sold Price Compared To Nearby Cities

Three Chopt
+11.6%
South Anna
+10.4%
Brookland
+10.2%
Chickahominy
+6.3%
Glen Allen
+5.4%

Housing Supply in Glen Allen, VA

How many homes are available in Glen Allen, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
297330+11.1%

Summary: The Glen Allen real estate market had 330 homes for sale in May 2024, a 11.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 55
0.0%
2 1916
-15.8%
3 114134
+17.5%
4 8385
+2.4%
5+ 7690
+18.4%

Summary: The Glen Allen housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 15.8%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 18.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6977+11.6%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

20 Homes Were Sold
At Asking

38 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Glen Allen, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 77 homes were sold or pending in Glen Allen in May 2024, up by 11.6% month-over-month. Of the 76 sold homes, 24% were sold under asking, 26% were sold at asking, and 50% were sold over asking.

Days on Market for Glen Allen, VA

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

Average Sale Time

May 2023May 2024CHANGE
12 Days14 Days+15.3%

Summary: Homes in Glen Allen had an average of 14 days on market in May 2024, up by 15.3% compared to last year.

Breakdown of Home Sale Times

66 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 77 homes were sold in Glen Allen; 86% of homes were sold within 30 days, 9% 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 13 Days Ago

Newest Listings in Glen Allen, VA

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