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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Petersburg is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Petersburg was a Seller's Market.

Key Takeaway

Petersburg is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Petersburg, VA

How much do homes in Petersburg, VA cost?

Median Sold Price

$223,666

$159/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$8,666(+4.0%)

Key Takeaway

Homes in Petersburg have sold for 4% more than they did a year ago.

Summary: The median home sold price in Petersburg was $223,666 in February 2024, up 4% from last year, and the median price per square foot was $159.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $81K$72.5K
-10.5%
2 $93.7K$136.5K
+45.6%
3 $214.2K$217.5K
+1.6%
4 $252.2K$260.2K
+3.2%
5+ $379K$341.5K
-9.9%

Summary: Petersburg housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.5%, 2 bedroom homes increased by 45.6%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes decreased by 9.9%.

Median Sold Price Compared To Nearby Cities

Colonial Heights
+9.5%
Petersburg
+9.0%
Petersburg
+4.0%
Rives
-5.1%

Housing Supply in Petersburg, VA

How many homes are available in Petersburg, VA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
223259+16.1%

Summary: The Petersburg real estate market had 259 homes for sale in February 2024, a 16.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 1823
+27.8%
3 142163
+14.8%
4 5464
+18.5%
5+ 99
0.0%

Summary: The Petersburg housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 27.8%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 18.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
5342-20.8%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Petersburg, you could pay more than the asking price. 41.5% of homes here sold above asking price last month.

Summary: A total of 42 homes were sold or pending in Petersburg in February 2024, down by 20.8% month-over-month. Of the 41 sold homes, 39% were sold under asking, 20% were sold at asking, and 41% 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

Feb 2023Feb 2024CHANGE
34 Days24 Days-30.2%

Summary: Homes in Petersburg had an average of 24 days on market in Feb 2024, down by 30.2% compared to last year.

Breakdown of Home Sale Times

29 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 42 homes were sold in Petersburg; 69% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 2% 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 18 Days Ago

Newest Listings in Petersburg, VA

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What housing markets are near Petersburg, VA?