Is Palmyra, 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, Palmyra has remained a Seller's Market.
Key Takeaway
Palmyra is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Palmyra, VA
How much do homes in Palmyra, VA cost?
Median Sold Price
$353,461
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Palmyra have sold for 6.3% more than they did a year ago.
Summary: The median home sold price in Palmyra was $353,461 in March 2024, up 6.3% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $210K | $300K | +42.9% |
| 3 Bedrooms | $292K | $320K | +9.6% |
| 4 Bedrooms | $481K | $405K | -15.8% |
| 5+ Bedrooms | $487.5K | $593.7K | +21.8% |
Summary: Palmyra 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 increased by 42.9%, 3 bedroom homes increased by 9.6%, 4 bedroom homes decreased by 15.8%, and 5+ bedroom homes increased by 21.8%.
Median Sold Price Compared To Nearby Cities
| Keswick | $707.5K | $859.5K | +21.5% |
| Palmyra | $332.5K | $353.4K | +6.3% |
| Rivanna | $335K | $345K | +3.0% |
| Fork Union | $325K | $325K | 0.0% |
Housing Supply in Palmyra, VA
How many homes are available in Palmyra, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 85 | 91 | +7.1% |
Summary: The Palmyra real estate market had 91 homes for sale in March 2024, a 7.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 47 | 46 | -2.1% |
| 4 Bedrooms | 27 | 31 | +14.8% |
| 5+ Bedrooms | 7 | 10 | +42.9% |
Summary: The Palmyra housing inventory by bedroom type for March 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 2.1%, 4 bedroom homes increased by 14.8%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 18 | +12.5% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palmyra, expect to pay close to the asking price. 38.9% of homes here sold near the asking price last month.
Summary: A total of 18 homes were sold or pending in Palmyra in March 2024, up by 12.5% month-over-month. Of the 18 sold homes, 33% were sold under asking, 39% were sold at asking, and 28% were sold over asking.
Days on Market for Palmyra, VA
How long does it take to sell a home in Palmyra, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 46 Days | +25.0% |
Summary: Homes in Palmyra had an average of 46 days on market in Mar 2024, up by 25% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palmyra are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 18 homes were sold in Palmyra; 67% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. 
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved