Is Petersburg, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$226,273
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Petersburg have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Petersburg was $226,273 in April 2024, up 5.1% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $81K | $72.5K | -10.5% |
| 2 Bedrooms | $118K | $134.5K | +14.0% |
| 3 Bedrooms | $214K | $220.8K | +3.2% |
| 4 Bedrooms | $252.5K | $267K | +5.7% |
| 5+ Bedrooms | $306.5K | $362K | +18.1% |
Summary: Petersburg housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.5%, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 18.1%.
Median Sold Price Compared To Nearby Cities
| Petersburg | $175K | $199.9K | +14.3% |
| Colonial Heights | $245K | $265K | +8.2% |
| Rives | $280.5K | $295K | +5.2% |
| Petersburg | $215.3K | $226.2K | +5.1% |
Housing Supply in Petersburg, VA
How many homes are available in Petersburg, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 254 | 265 | +4.3% |
Summary: The Petersburg real estate market had 265 homes for sale in April 2024, a 4.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 25 | 30 | +20.0% |
| 3 Bedrooms | 157 | 158 | +0.6% |
| 4 Bedrooms | 61 | 64 | +4.9% |
| 5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Petersburg housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 0.6%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 65 | 61 | -6.2% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petersburg, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 61 homes were sold or pending in Petersburg in April 2024, down by 6.2% month-over-month. Of the 60 sold homes, 40% were sold under asking, 35% were sold at asking, and 25% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 25 Days | 30 Days | +21.6% |
Summary: Homes in Petersburg had an average of 30 days on market in Apr 2024, up by 21.6% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Petersburg are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 61 homes were sold in Petersburg; 69% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
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