Is Rio, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Rio has remained a Buyer's Market.
Key Takeaway
Rio is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Rio, VA
How much do homes in Rio, VA cost?
Median Sold Price
$485,000
$230/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Rio have sold for 16% more than they did a month ago.
Summary: The median home sold price in Rio was $485,000 in March 2024, up 16% from last month, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $253.5K | $270K | +6.5% |
| 3 Bedrooms | $312.5K | $410K | +31.2% |
| 4 Bedrooms | $685K | $861.2K | +25.7% |
| 5+ Bedrooms | $439K | $550K | +25.3% |
Summary: Rio housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 31.2%, 4 bedroom homes increased by 25.7%, and 5+ bedroom homes increased by 25.3%.
Median Sold Price Compared To Nearby Cities
| Jack Jouett | $340K | $514.2K | +51.3% |
| Rio | $418K | $485K | +16.0% |
| Earlysville | $1.1M | $435.7K | -60.5% |
Housing Supply in Rio, VA
How many homes are available in Rio, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 99 | 121 | +22.2% |
Summary: The Rio real estate market had 121 homes for sale in March 2024, a 22.2% 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 | 5 | 5 | 0.0% |
| 3 Bedrooms | 36 | 54 | +50.0% |
| 4 Bedrooms | 41 | 46 | +12.2% |
| 5+ Bedrooms | 17 | 16 | -5.9% |
Summary: The Rio 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 remained the same, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes decreased by 5.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 17 | +41.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rio, you could pay more than the asking price. 58.8% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Rio in March 2024, up by 41.7% month-over-month. Of the 17 sold homes, 35% were sold under asking, 6% were sold at asking, and 59% were sold over asking.
Days on Market for Rio, VA
How long does it take to sell a home in Rio, VA?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 48 Days | 27 Days | -43.9% |
Summary: Homes in Rio had an average of 27 days on market in Mar 2024, down by 43.9% compared to last month.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Rio are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 17 homes were sold in Rio; 88% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. 
Copyright © 2024 REIN, Inc - All Rights Reserved. Information Deemed Reliable But Not Guaranteed.