Is Petersburg, 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, Petersburg has remained a Seller's Market.
Housing Prices in Petersburg, VA
How much do homes in Petersburg, VA cost?
Median Sold Price
$194,666
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Petersburg was $194,666 in March 2024, up 11.2% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $81K | $72.5K | -10.5% |
2 Bedrooms | $83K | $125K | +50.6% |
3 Bedrooms | $179.7K | $192K | +6.8% |
4 Bedrooms | $224.9K | $239.9K | +6.7% |
5+ Bedrooms | $229.4K | $335K | +46.0% |
Summary: Petersburg housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.5%, 2 bedroom homes increased by 50.6%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 46%.
Median Sold Price Compared To Nearby Cities
Petersburg | $175K | $194.6K | +11.2% |
Colonial Heights | $245K | $265K | +8.2% |
Petersburg | $216.4K | $224.9K | +3.9% |
Rives | $285K | $289.5K | +1.6% |
Housing Supply in Petersburg, VA
How many homes are available in Petersburg, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
169 | 186 | +10.1% |
Summary: The Petersburg real estate market had 186 homes for sale in March 2024, a 10.1% 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 | 20 | 24 | +20.0% |
3 Bedrooms | 99 | 108 | +9.1% |
4 Bedrooms | 46 | 49 | +6.5% |
5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Petersburg 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 20%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
26 | 37 | +42.3% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 37 homes were sold or pending in Petersburg in March 2024, up by 42.3% month-over-month. Of the 37 sold homes, 46% were sold under asking, 16% were sold at asking, and 38% were sold over asking.
Days on Market for Petersburg, VA
How long does it take to sell a home in Petersburg, VA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
36 Days | 37 Days | +2.6% |
Summary: Homes in Petersburg had an average of 37 days on market in Mar 2024, up by 2.6% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During March 2024, 37 homes were sold in Petersburg; 62% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.