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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Petersburg is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Petersburg has remained a Seller's Market.

Key Takeaway

Petersburg is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$8,452(+3.9%)

Key Takeaway

Homes in Petersburg have sold for 3.9% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $81K$72.5K
-10.5%
2 $95K$135K
+42.1%
3 $214.9K$219.9K
+2.3%
4 $252K$265K
+5.2%
5+ $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
+11.2%
Colonial Heights
+8.2%
Petersburg
+3.9%
Rives
+1.6%

Housing Supply in Petersburg, VA

How many homes are available in Petersburg, VA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
250273+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

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 2227
+22.7%
3 158167
+5.7%
4 6269
+11.3%
5+ 810
+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 2024Mar 2024CHANGE
5063+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Petersburg, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.

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 2023Mar 2024CHANGE
41 Days37 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 25 Days Ago

Newest Listings in Petersburg, VA

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