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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lanexa is a buyer's market

Buyer's
Market

Difference Since May 2023

Since last year, Lanexa has remained a Buyer's Market.

Key Takeaway

Lanexa is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Lanexa, VA

How much do homes in Lanexa, VA cost?

Median Sold Price

$399,988

$233/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$26,562(-6.2%)

Key Takeaway

Homes in Lanexa have sold for 6.2% less than they did a year ago.

Summary: The median home sold price in Lanexa was $399,988 in May 2024, down 6.2% from last year, and the median price per square foot was $233.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$66K
N/A
2 $167.4K$238K
+42.1%
3 $367.4K$399.9K
+8.8%
4 $520K$564.9K
+8.7%
5+ $730K$997.5K
+36.6%

Summary: Lanexa housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 42.1%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 36.6%.

Median Sold Price Compared To Nearby Cities

Providence Forge
+4.8%
West Point
+3.4%
Stonehouse
-3.7%
Lanexa
-6.2%

Housing Supply in Lanexa, VA

How many homes are available in Lanexa, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
4542-6.7%

Summary: The Lanexa real estate market had 42 homes for sale in May 2024, a 6.7% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 21
-50.0%
3 2623
-11.5%
4 1415
+7.1%
5+ 22
0.0%

Summary: The Lanexa housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 11.5%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
95-44.4%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lanexa, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Lanexa in May 2024, down by 44.4% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.

Days on Market for Lanexa, VA

How long does it take to sell a home in Lanexa, VA?

Average Sale Time

May 2023May 2024CHANGE
4 Days93 Days+1980.0%

Summary: Homes in Lanexa had an average of 93 days on market in May 2024, up by 1980% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Lanexa are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During May 2024, 5 homes were sold in Lanexa; 20% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 60% 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 2 Days Ago

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