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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Orange is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Orange, VA

How much do homes in Orange, VA cost?

Median Sold Price

$326,600

$206/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$25,350(-7.2%)

Key Takeaway

Homes in Orange have sold for 7.2% less than they did a year ago.

Summary: The median home sold price in Orange was $326,600 in May 2024, down 7.2% from last year, and the median price per square foot was $206.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$142.5K
N/A
2 $225K$233K
+3.6%
3 $311K$315K
+1.3%
4 $414.9K$407.4K
-1.8%
5+ $435K$565K
+29.9%

Summary: Orange housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 1.3%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 29.9%.

Housing Supply in Orange, VA

How many homes are available in Orange, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7277+6.9%

Summary: The Orange real estate market had 77 homes for sale in May 2024, a 6.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 46
+50.0%
3 3333
0.0%
4 2830
+7.1%
5+ 78
+14.3%

Summary: The Orange housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
1716-5.9%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Orange, expect to pay close to the asking price. 37.5% of homes here sold near the asking price last month.

Summary: A total of 16 homes were sold or pending in Orange in May 2024, down by 5.9% month-over-month. Of the 16 sold homes, 25% were sold under asking, 38% were sold at asking, and 38% were sold over asking.

Days on Market for Orange, VA

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

Average Sale Time

May 2023May 2024CHANGE
73 Days51 Days-29.6%

Summary: Homes in Orange had an average of 51 days on market in May 2024, down by 29.6% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 16 homes were sold in Orange; 56% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 31% 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 17 Days Ago

Newest Listings in Orange, VA

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