Is Powhatan, 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, Powhatan has remained a Seller's Market.
Key Takeaway
Powhatan is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Powhatan, VA
How much do homes in Powhatan, VA cost?
Median Sold Price
$459,666
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Powhatan have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in Powhatan was $459,666 in March 2024, up 10.1% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $163.5K | $245K | +49.8% |
| 2 Bedrooms | $263.5K | $435K | +65.1% |
| 3 Bedrooms | $350K | $375K | +7.1% |
| 4 Bedrooms | $552K | $626K | +13.4% |
| 5+ Bedrooms | $659.1K | $775K | +17.6% |
Summary: Powhatan housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 49.8%, 2 bedroom homes increased by 65.1%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 17.6%.
Median Sold Price Compared To Nearby Cities
| Jamestown | $405K | $453K | +11.9% |
| Powhatan | $417.5K | $459.6K | +10.1% |
| Williamsburg | $439.3K | $466.8K | +6.3% |
| Berkeley | $500K | $508.7K | +1.8% |
| Stonehouse | $422.5K | $420K | -0.6% |
Housing Supply in Powhatan, VA
How many homes are available in Powhatan, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 205 | 235 | +14.6% |
Summary: The Powhatan real estate market had 235 homes for sale in March 2024, a 14.6% 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 | 11 | 12 | +9.1% |
| 3 Bedrooms | 66 | 80 | +21.2% |
| 4 Bedrooms | 96 | 109 | +13.5% |
| 5+ Bedrooms | 32 | 34 | +6.3% |
Summary: The Powhatan 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 9.1%, 3 bedroom homes increased by 21.2%, 4 bedroom homes increased by 13.5%, and 5+ bedroom homes increased by 6.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 40 | 50 | +25.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Powhatan, you may be able to get a good deal. 35.7% of homes here sold below asking price last month.
Summary: A total of 50 homes were sold or pending in Powhatan in March 2024, up by 25.0% month-over-month. Of the 28 sold homes, 36% were sold under asking, 29% were sold at asking, and 36% were sold over asking.
Days on Market for Powhatan, VA
How long does it take to sell a home in Powhatan, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 44 Days | 27 Days | -38.7% |
Summary: Homes in Powhatan had an average of 27 days on market in Mar 2024, down by 38.7% compared to last year.
Breakdown of Home Sale Times
37 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Powhatan are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 50 homes were sold in Powhatan; 74% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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