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
$224,950
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Petersburg was $224,950 in March 2024, up 3.9% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $81K | $72.5K | -10.5% |
2 Bedrooms | $95K | $135K | +42.1% |
3 Bedrooms | $214.9K | $219.9K | +2.3% |
4 Bedrooms | $252K | $265K | +5.2% |
5+ Bedrooms | $315K | $349K | +10.8% |
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 42.1%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 10.8%.
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 |
---|---|---|
250 | 273 | +9.2% |
Summary: The Petersburg real estate market had 273 homes for sale in March 2024, a 9.2% 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 | 22 | 27 | +22.7% |
3 Bedrooms | 158 | 167 | +5.7% |
4 Bedrooms | 62 | 69 | +11.3% |
5+ Bedrooms | 8 | 10 | +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 22.7%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
50 | 63 | +26.0% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 63 homes were sold or pending in Petersburg in March 2024, up by 26.0% month-over-month. Of the 63 sold homes, 41% were sold under asking, 16% were sold at asking, and 43% 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 |
---|---|---|
41 Days | 37 Days | -10.7% |
Summary: Homes in Petersburg had an average of 37 days on market in Mar 2024, down by 10.7% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During March 2024, 63 homes were sold in Petersburg; 63% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.