Is James Madison, 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, James Madison was a Buyer's Market.
Key Takeaway
James Madison is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in James Madison, VA
How much do homes in James Madison, VA cost?
Median Sold Price
$445,000
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in James Madison have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in James Madison was $445,000 in March 2024, up 1.4% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $230.8K | - | N/A |
| 2 Bedrooms | - | $290.8K | N/A |
| 3 Bedrooms | $415K | $432.5K | +4.2% |
| 4 Bedrooms | $442K | $465.2K | +5.3% |
| 5+ Bedrooms | $515.8K | $497.4K | -3.6% |
Summary: James Madison 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 did not change, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes decreased by 3.6%.
Median Sold Price Compared To Nearby Cities
| George Washington | $415K | $439K | +5.8% |
| James Monroe | $400K | $420K | +5.0% |
| King George | $419.9K | $439.9K | +4.8% |
| James Madison | $439K | $445K | +1.4% |
Housing Supply in James Madison, VA
How many homes are available in James Madison, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 76 | 81 | +6.6% |
Summary: The James Madison real estate market had 81 homes for sale in March 2024, a 6.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 33 | 36 | +9.1% |
| 4 Bedrooms | 25 | 25 | 0.0% |
| 5+ Bedrooms | 16 | 17 | +6.3% |
Summary: The James Madison housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 9.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 6.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 12 | +33.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in James Madison, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in James Madison in March 2024, up by 33.3% month-over-month. Of the 12 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for James Madison, VA
How long does it take to sell a home in James Madison, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 59 Days | 47 Days | -21.0% |
Summary: Homes in James Madison had an average of 47 days on market in Mar 2024, down by 21% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in James Madison are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 12 homes were sold in James Madison; 42% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
