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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mechanicsville is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Mechanicsville, VA

How much do homes in Mechanicsville, VA cost?

Median Sold Price

$415,000

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$13,285(+3.3%)

Key Takeaway

Homes in Mechanicsville have sold for 3.3% more than they did a year ago.

Summary: The median home sold price in Mechanicsville was $415,000 in February 2024, up 3.3% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $303.7K$359.4K
+18.3%
3 $336.5K$356.6K
+6.0%
4 $452K$455K
+0.7%
5+ $566.7K$600K
+5.9%

Summary: Mechanicsville 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 increased by 18.3%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes increased by 5.9%.

Median Sold Price Compared To Nearby Cities

Fairfield
+12.5%
Chickahominy
+5.2%
Mechanicsville
+3.3%
Henry
+2.3%
Cold Harbor
-2.7%

Housing Supply in Mechanicsville, VA

How many homes are available in Mechanicsville, VA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
182205+12.6%

Summary: The Mechanicsville real estate market had 205 homes for sale in February 2024, a 12.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 66
0.0%
3 7684
+10.5%
4 6068
+13.3%
5+ 4047
+17.5%

Summary: The Mechanicsville 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 increased by 10.5%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 17.5%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3448+41.2%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mechanicsville, you could pay more than the asking price. 41.7% of homes here sold above asking price last month.

Summary: A total of 48 homes were sold or pending in Mechanicsville in February 2024, up by 41.2% month-over-month. Of the 48 sold homes, 38% were sold under asking, 21% were sold at asking, and 42% were sold over asking.

Days on Market for Mechanicsville, VA

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

Average Sale Time

Feb 2023Feb 2024CHANGE
25 Days52 Days+106.2%

Summary: Homes in Mechanicsville had an average of 52 days on market in Feb 2024, up by 106.2% compared to last year.

Breakdown of Home Sale Times

33 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 48 homes were sold in Mechanicsville; 69% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 13% 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

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