Is Powhatan, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$442,250
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Powhatan have sold for 10.6% more than they did a year ago.
Summary: The median home sold price in Powhatan was $442,250 in May 2024, up 10.6% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $190K | $232.4K | +22.3% |
| 2 Bedrooms | $261K | $455K | +74.3% |
| 3 Bedrooms | $331K | $365K | +10.3% |
| 4 Bedrooms | $549.9K | $590K | +7.3% |
| 5+ Bedrooms | $670K | $700K | +4.5% |
Summary: Powhatan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.3%, 2 bedroom homes increased by 74.3%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Cities
| Amelia Court House | $279.7K | $310.5K | +11.0% |
| Powhatan | $399.9K | $442.2K | +10.6% |
| Moseley | $540K | $573.5K | +6.2% |
Housing Supply in Powhatan, VA
How many homes are available in Powhatan, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 119 | 134 | +12.6% |
Summary: The Powhatan real estate market had 134 homes for sale in May 2024, a 12.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 49 | 60 | +22.4% |
| 4 Bedrooms | 41 | 49 | +19.5% |
| 5+ Bedrooms | 24 | 21 | -12.5% |
Summary: The Powhatan 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 20%, 3 bedroom homes increased by 22.4%, 4 bedroom homes increased by 19.5%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 27 | -27.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Powhatan, you could pay more than the asking price. 51.9% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Powhatan in May 2024, down by 27.0% month-over-month. Of the 27 sold homes, 30% were sold under asking, 19% were sold at asking, and 52% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 16 Days | -32.0% |
Summary: Homes in Powhatan had an average of 16 days on market in May 2024, down by 32% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
0 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 May 2024, 27 homes were sold in Powhatan; 74% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.