Is Providence, 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, Providence has remained a Seller's Market.
Key Takeaway
Providence is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Providence, VA
How much do homes in Providence, VA cost?
Median Sold Price
$636,488
$366/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Providence have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Providence was $636,488 in May 2024, up 3.1% from last year, and the median price per square foot was $366.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $293K | +6.5% |
| 2 Bedrooms | $388K | $409.2K | +5.5% |
| 3 Bedrooms | $645K | $699.6K | +8.5% |
| 4 Bedrooms | $862.5K | $925K | +7.2% |
| 5+ Bedrooms | $1.1M | $1.2M | +11.4% |
Summary: Providence housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes increased by 11.4%.
Median Sold Price Compared To Nearby Cities
| Vienna | $990K | $1.1M | +13.4% |
| Hunter Mill | $655.5K | $710.4K | +8.4% |
| Fairfax | $677.1K | $730.2K | +7.9% |
| Falls Church | $691.9K | $723.5K | +4.6% |
| Providence | $617.1K | $636.4K | +3.1% |
Housing Supply in Providence, VA
How many homes are available in Providence, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 396 | 479 | +21.0% |
Summary: The Providence real estate market had 479 homes for sale in May 2024, a 21.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 65 | 69 | +6.2% |
| 2 Bedrooms | 94 | 123 | +30.9% |
| 3 Bedrooms | 94 | 112 | +19.1% |
| 4 Bedrooms | 64 | 78 | +21.9% |
| 5+ Bedrooms | 79 | 97 | +22.8% |
Summary: The Providence housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.2%, 2 bedroom homes increased by 30.9%, 3 bedroom homes increased by 19.1%, 4 bedroom homes increased by 21.9%, and 5+ bedroom homes increased by 22.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 124 | 111 | -10.5% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
24 Homes Were Sold
At Asking
69 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Providence, you could pay more than the asking price. 62.2% of homes here sold above asking price last month.
Summary: A total of 111 homes were sold or pending in Providence in May 2024, down by 10.5% month-over-month. Of the 111 sold homes, 16% were sold under asking, 22% were sold at asking, and 62% were sold over asking.
Days on Market for Providence, VA
How long does it take to sell a home in Providence, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 17 Days | +22.8% |
Summary: Homes in Providence had an average of 17 days on market in May 2024, up by 22.8% compared to last year.
Breakdown of Home Sale Times
100 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Providence are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 111 homes were sold in Providence; 90% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
