New - 2 hours on Rocket
$2,114 Closing Credit¹
#2505550, Tony Gray, Listing Office: Virginia Resource Realty LLC
23116 Housing Market Report February 2025•Hanover County, Virginia
Housing Prices in 23116, VA
How much do homes in 23116, VA cost?
Housing Market Conditions
Is 23116, VA a buyer’s or seller’s market?
Seller'sMarket
Buyer'sMarket
23116 is a Neutral Market
Difference Since February 2024
At the same time last year, 23116 was a Seller's Market.
Insight
23116 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Median Sold Price
$513,119$212/SqFt
+$28,119
+5.8%
Based on all homes sold in the last 12 months
Insight
Homes in 23116 have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in 23116 was $513,119 in February 2025, up 5.8% from last year, and the median price per square foot was $212.
Median Sold Price By Bedrooms
| Beds | Feb 2024 | Feb 2025 | Change YoY |
|---|---|---|---|
| 11 Bedroom | - | - | N/A |
| 22 Bedrooms | $342.5K | $395K | +15.3% |
| 33 Bedrooms | $399.5K | $406.9K | +1.9% |
| 44 Bedrooms | $501K | $547.5K | +9.3% |
| 55+ Bedrooms | $610K | $650K | +6.6% |
Summary: 23116 housing price by bedroom type for February 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +15.3%. The home price for 3 bedroom homes increased by +1.9%. The home price for 4 bedroom homes increased by +9.3%. The home price for 5 bedroom homes increased by +6.6%.
Housing supply in 23116, VA
How many homes are available in 23116, VA?
Number of Homes For Sale
| Last Month | 2 months ago | Change MoM |
|---|---|---|
| 108Last MonthFeb 2025 | ||
| 992 months agoJan 2025 | +9.1 % Change MoMJan – Feb |
Summary: The 23116 real estate market had 108 homes for sale in Feb 2025, a 9.1 % increase compared to Jan 2025.
Number of Homes Sold
| Last Month | 2 months ago | Change MoM |
|---|---|---|
| 16Last MonthFeb 2025 | ||
| 192 months agoJan 2025 | -15.8 % Change MoMJan – Feb |
Homes For Sale By Bedroom Count
| Beds | Jan 2025 | Feb 2025 | Change MoM |
|---|---|---|---|
| 11 Bedroom | 0 | 0 | 0.0% |
| 22 Bedrooms | 3 | 4 | +33.3% |
| 33 Bedrooms | 39 | 40 | +2.6% |
| 44 Bedrooms | 45 | 51 | +13.3% |
| 55+ Bedrooms | 12 | 13 | +8.3% |
Summary: 23116 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +33.3%. The inventory for 3 bedroom homes increased by +2.6%. The inventory for 4 bedroom homes increased by +13.3%. The inventory for 5 bedroom homes increased by +8.3%.
Asking Price vs. Sold Price
How much do homes in 23116, VA cost?
Over Asking Price1 Home
At Asking Price8 Homes
Under Asking Price7 Homes
Insight
If you're buying a home in 23116, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 16 homes were sold or pending in 23116 in February 2025, down by 15.8% month-over-month. Of the 16 sold homes, 44% were sold under asking, 50% were sold at asking, and and 6% were sold over asking.
Days on Market for 23116, VA
How long does it take to sell a home in 23116, VA?
Breakdown of Home Sale Times
Under 30 Days11 Homes
30 – 90 Days3 Homes
Over 90 Days2 Homes
Insight
Many homes in 23116 are selling fast, if you're buying plan to act quickly.
Summary: During February 2025, 16 homes were sold in 23116; 69% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Average Sale Time
| This Year | 1 year ago | Change YoY |
|---|---|---|
| 25 DaysThis YearFeb 2025 | ||
| 58 Days1 year agoFeb 2024 | -57.2 % Change YoYFeb 2024 – Feb 2025 |
Summary: Homes in 23116 had an average listing age of 25 days in Feb 2025, down by 57.2% compared to the previous year.
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Newest Listings in 23116, VA
What homes are available in 23116, VA?
New - 5 hours on Rocket
$7,125 Closing Credit¹
#2503832, Allen Crostic, Listing Office: Allen Crostic Realty Inc
New - 17 hours on Rocket
$6,234 Closing Credit¹
#2505166, Rachel Nance, Listing Office: Compass
New - 1 day on Rocket
$5,641 Closing Credit¹
#2503675, Phil Russell, Listing Office: Joyner Fine Properties
New - 2 days on Rocket
$8,906 Closing Credit¹
#2504589, Cindy Bennett, Listing Office: Maison Real Estate Boutique
New - 2 days on Rocket
$7,541 Closing Credit¹
#2504579, David Riley, Listing Office: RE/MAX Commonwealth
New - 3 days on Rocket
$6,650 Closing Credit¹
#2503584, Nina Newton, Listing Office: Shaheen Ruth Martin & Fonville
New - 3 days on Rocket
$6,228 Closing Credit¹
#2504718, Lisa Caperton, Listing Office: The Steele Group
New - 5 days on Rocket
$6,649 Closing Credit¹
#2504517, Lindsay Moore, Listing Office: Hometown Realty
New - 7 days on Rocket
$4,334 Closing Credit¹
#2504053, Courtney Wright, Listing Office: River Fox Realty LLC
New - 7 days on Rocket
$6,234 Closing Credit¹
#2504115, Abby Moncrief, Listing Office: Providence Hill Real Estate
New - 7 days on Rocket
$5,047 Closing Credit¹
#2504721, Sally Mehany, Listing Office: Plentura Realty LLC
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MLS Disclaimers and Copyright
Based on information from Central Virginia Regional MLS, for the period 03/01/2023 - 03/01/2025
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 ©2025 Central Virginia Regional Multiple Listing Service,LLC. All rights reservedData displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/6/2025, 6:20:50 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.