Is Madison County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Madison County is a buyer's market

Buyer's
Market

Difference Since February 2023

Since last year, Madison County has remained a Buyer's Market.

Key Takeaway

Madison County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Madison County, VA

How much do homes in Madison County, VA cost?

Median Sold Price

$385,000

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$2,500(+0.7%)

Key Takeaway

Homes in Madison County have sold for 0.7% more than they did a year ago.

Summary: The median home sold price in Madison County was $385,000 in February 2024, up 0.7% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 -$135K
N/A
2 $305K$250K
-18.0%
3 $355K$369K
+3.9%
4 $475K$466.2K
-1.8%
5+ $1.0M$524.9K
-50.1%

Summary: Madison County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 18%, 3 bedroom homes increased by 3.9%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes decreased by 50.1%.

Median Sold Price Compared To Nearby Counties

Orange County
+12.2%
Culpeper County
+8.3%
Madison County
+0.7%

Housing Supply in Madison County, VA

How many homes are available in Madison County, VA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
5359+11.3%

Summary: The Madison County real estate market had 59 homes for sale in February 2024, a 11.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 33
0.0%
3 3029
-3.3%
4 1523
+53.3%
5+ 54
-20.0%

Summary: The Madison County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 53.3%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
84-50.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Madison County, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Madison County in February 2024, down by 50.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.

Days on Market for Madison County, VA

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

Average Sale Time

Feb 2023Feb 2024CHANGE
128 Days77 Days-39.3%

Summary: Homes in Madison County had an average of 77 days on market in Feb 2024, down by 39.3% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 4 homes were sold in Madison County; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% 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 27 Days Ago

Newest Listings in Madison County, VA

Nearby Markets to Madison County, VA

What housing markets are near Madison County, VA?