23116 Housing Market Report December 2024•Hanover County, Virginia

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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?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

23116 is a Seller's Market

Difference Since December 2023

Since last year, 23116 has remained a Seller's Market.

Insight

23116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$514,999$212/SqFt
+$31,332
+6.5%

Based on all homes sold in the last 12 months

Insight

Homes in 23116 have sold for 6.5% more than they did a year ago.

Summary: The median home sold price in 23116 was $514,999 in December 2024, up 6.5% from last year, and the median price per square foot was $212.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
23111
+6.9%
23116
+6.5%
23227
+6.2%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1--
N/A
2$342.5K$385K
+12.4%
3$390K$410K
+5.1%
4$500K$545K
+9.0%
5$606.2K$650K
+7.2%

Summary: 23116 housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +12.4%. The home price for 3 bedroom homes increased by +5.1%. The home price for 4 bedroom homes increased by +9.0%. The home price for 5 bedroom homes increased by +7.2%.

Housing supply in 23116, VA

How many homes are available in 23116, VA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
109Last MonthDec 2024
1292 months agoNov 2024
-15.5 %
Change MoMNov – Dec

Summary: The 23116 real estate market had 109 homes for sale in Dec 2024, a 15.5 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
40Last MonthDec 2024
302 months agoNov 2024
+33.3 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
100
0.0%
254
-20.0%
34640
-13.0%
46354
-14.3%
51511
-26.7%

Summary: 23116 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -20.0%. The inventory for 3 bedroom homes decreased by -13.0%. The inventory for 4 bedroom homes decreased by -14.3%. The inventory for 5 bedroom homes decreased by -26.7%.

Asking Price vs. Sold Price

How much do homes in 23116, VA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price12 Homes

At Asking Price11 Homes

Under Asking Price17 Homes

Insight

If you're buying a home in 23116, you may be able to get a good deal. 42.5% of homes here sold below asking price last month.

Summary: A total of 40 homes were sold or pending in 23116 in December 2024, up by 33.3% month-over-month. Of the 40 sold homes, 43% were sold under asking, 28% were sold at asking, and and 30% 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 Days24 Homes

30 – 90 Days13 Homes

Over 90 Days3 Homes

Insight

Many homes in 23116 are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 40 homes were sold in 23116; 60% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
56 DaysThis YearDec 2024
21 Days1 year agoDec 2023
+167.9 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in 23116 had an average listing age of 56 days in Dec 2024, up by 167.9% compared to the previous year.

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Newest Listings in 23116, VA

What homes are available in 23116, VA?

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Nearby markets

Popular Cities with Homes for Sale in Virginia

MLS Disclaimers and Copyright

Based on information from Central Virginia Regional MLS, for the period 01/01/2023 - 01/01/2025

IDX 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 reserved
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/20/2025, 6:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.