Is Pennington Gap, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Pennington Gap was a Neutral Market.
Key Takeaway
Pennington Gap is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pennington Gap, VA
How much do homes in Pennington Gap, VA cost?
Median Sold Price
$100,000
$78/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Pennington Gap have sold for 9.5% less than they did a year ago.
Summary: The median home sold price in Pennington Gap was $100,000 in March 2024, down 9.5% from last year, and the median price per square foot was $78.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $38.5K | - | N/A |
| 2 Bedrooms | $69.5K | $62.5K | -10.1% |
| 3 Bedrooms | $142.5K | $97.5K | -31.6% |
| 4 Bedrooms | $205K | $199.9K | -2.5% |
| 5+ Bedrooms | $354K | $196K | -44.6% |
Summary: Pennington Gap 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 decreased by 10.1%, 3 bedroom homes decreased by 31.6%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes decreased by 44.6%.
Housing Supply in Pennington Gap, VA
How many homes are available in Pennington Gap, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 21 | +31.3% |
Summary: The Pennington Gap real estate market had 21 homes for sale in March 2024, a 31.3% 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 12 | 14 | +16.7% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Pennington Gap 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 increased by 100%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 4 | +300.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Pennington Gap, 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 Pennington Gap in March 2024, up by 300.0% 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 Pennington Gap, VA
How long does it take to sell a home in Pennington Gap, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 48 Days | 247 Days | +416.1% |
Summary: Homes in Pennington Gap had an average of 247 days on market in Mar 2024, up by 416.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Pennington Gap are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 4 homes were sold in Pennington Gap; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. 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. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.