Is Old Town, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Old Town has remained a Seller's Market.
Key Takeaway
Old Town is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Old Town, VA
How much do homes in Old Town, VA cost?
Median Sold Price
$1,017,550
$669/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Old Town have sold for 5.3% less than they did a year ago.
Summary: The median home sold price in Old Town was $1,017,550 in March 2024, down 5.3% from last year, and the median price per square foot was $669.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $599.9K | $537.4K | -10.4% |
| 2 Bedrooms | $935K | $812.5K | -13.1% |
| 3 Bedrooms | $1.2M | $1.3M | +3.1% |
| 4 Bedrooms | $1.6M | $1.5M | -6.1% |
| 5+ Bedrooms | $2.1M | $2.5M | +21.1% |
Summary: Old Town housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.4%, 2 bedroom homes decreased by 13.1%, 3 bedroom homes increased by 3.1%, 4 bedroom homes decreased by 6.1%, and 5+ bedroom homes increased by 21.1%.
Median Sold Price Compared To Nearby Neighborhoods
| Braddock Road Metro | $757.5K | $784.5K | +3.6% |
| Southwest Quadrant | $775K | $800K | +3.2% |
| Old Town | $1.0M | $1.0M | -5.3% |
| Waterfront | $1.2M | $988.4K | -20.9% |
Housing Supply in Old Town, VA
How many homes are available in Old Town, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 70 | 78 | +11.4% |
Summary: The Old Town real estate market had 78 homes for sale in March 2024, a 11.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 11 | +10.0% |
| 2 Bedrooms | 25 | 25 | 0.0% |
| 3 Bedrooms | 17 | 21 | +23.5% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Old Town housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes remained the same, 3 bedroom homes increased by 23.5%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 16 | +77.8% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Old Town, you could pay more than the asking price. 56.3% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in Old Town in March 2024, up by 77.8% month-over-month. Of the 16 sold homes, 13% were sold under asking, 31% were sold at asking, and 56% were sold over asking.
Days on Market for Old Town, VA
How long does it take to sell a home in Old Town, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 52 Days | 23 Days | -56.1% |
Summary: Homes in Old Town had an average of 23 days on market in Mar 2024, down by 56.1% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Old Town are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 16 homes were sold in Old Town; 88% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
