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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hopewell is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Hopewell, VA

How much do homes in Hopewell, VA cost?

Median Sold Price

$244,975

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$15,403(+6.7%)

Key Takeaway

Homes in Hopewell have sold for 6.7% more than they did a year ago.

Summary: The median home sold price in Hopewell was $244,975 in November 2024, up 6.7% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $190K-
N/A
2 $145K$180K
+24.1%
3 $225K$230K
+2.2%
4 $269.9K$285K
+5.6%
5+ $310.5K$295K
-5.0%

Summary: Hopewell housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 24.1%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes decreased by 5%.

Median Sold Price Compared To Nearby Cities

Hopewell
+7.0%
Hopewell
+6.7%
Prince George
+3.4%
Bland
-0.6%

Housing Supply in Hopewell, VA

How many homes are available in Hopewell, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
147143-2.7%

Summary: The Hopewell real estate market had 143 homes for sale in November 2024, a 2.7% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1611
-31.3%
3 8791
+4.6%
4 3330
-9.1%
5+ 1111
0.0%

Summary: The Hopewell housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 31.3%, 3 bedroom homes increased by 4.6%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
32320.0%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hopewell, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in Hopewell in November 2024, the same as the previous month. Of the 32 sold homes, 44% were sold under asking, 25% were sold at asking, and 31% were sold over asking.

Days on Market for Hopewell, VA

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

Average Sale Time

Nov 2023Nov 2024CHANGE
24 Days22 Days-9.5%

Summary: Homes in Hopewell had an average of 22 days on market in Nov 2024, down by 9.5% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 32 homes were sold in Hopewell; 69% of homes were sold within 30 days, 31% 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 5 Days Ago

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