24277 Housing Market Report January 2025•Lee County, Virginia

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Housing Prices in 24277, VA

How much do homes in 24277, VA cost?

Housing Market Conditions

Is 24277, 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

24277 is a Buyer's Market

Difference Since December 2024

Last month, 24277 was a Neutral Market.

Insight

24277 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

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.
$77,450$67/SqFt
-$42,550
-35.5%

Based on all homes sold in January 2025

Insight

Homes in 24277 have sold for 35.5% less than they did a month ago.

Summary: The median home sold price in 24277 was $77,450 in January 2025, down 35.5% from last month, and the median price per square foot was $67.

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 2024Jan 2025Change YoY
4$300K-
N/A
5--
N/A
1--
N/A
2$82.5K$79.9K
-3.2%
3$120K$75K
-37.5%

Summary: 24277 housing price by bedroom type for January 2025, compared to the previous year. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes decreased by -3.2%. The home price for 3 bedroom homes decreased by -37.5%.

Housing supply in 24277, VA

How many homes are available in 24277, 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
18Last MonthJan 2025
202 months agoDec 2024
-10.0 %
Change MoMDec – Jan

Summary: The 24277 real estate market had 18 homes for sale in Jan 2025, a 10.0 % decrease compared to Dec 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
2Last MonthJan 2025
32 months agoDec 2024
-33.3 %
Change MoMDec – Jan

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.
BedsDec 2024Jan 2025Change MoM
444
0.0%
500
0.0%
100
0.0%
243
-25.0%
31211
-8.3%

Summary: 24277 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes remained the same. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -25.0%. The inventory for 3 bedroom homes decreased by -8.3%.

Asking Price vs. Sold Price

How much do homes in 24277, 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 Price0 Home

At Asking Price1 Home

Under Asking Price1 Home

Insight

If you're buying a home in 24277, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 2 homes were sold or pending in 24277 in January 2025, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and and 0% were sold over asking.

Days on Market for 24277, VA

How long does it take to sell a home in 24277, VA?

Breakdown of Home Sale Times

Under 30 Days0 Home

30 – 90 Days1 Home

Over 90 Days1 Home

Insight

Avg time on Rocket Homes in 24277 has remained consistent over time.

Summary: During January 2025, 2 homes were sold in 24277; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% 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.
Last Month1 month agoChange MoM
95 DaysLast MonthJan 2025
66 Days1 month agoDec 2024
+43.2 %
Change MoMDec – Jan

Summary: Homes in 24277 had an average listing age of 95 days in Jan 2025, up by 43.2% compared to the previous month.

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Newest Listings in 24277, VA

What homes are available in 24277, VA?

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MLS Disclaimers and Copyright

Based on information from Tennessee Virginia Regional MLS, and East Tennessee REALTORS® MLS for the period 12/01/2024 - 02/01/2025

The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Tennessee Virginia Regional MLS. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than this brokerl, are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
Copyright© 2025 Tennessee Virginia Regional MLS. 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: 2/6/2025, 1:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.

The Knoxville Area Association of REALTORS® Multiple Listing Service does not create, control or review the property data displayed herein and take no responsibility for the content of such records. Federal law prohibits discrimination on the basis of race, color, religion, sex, handicap, familial status or national origin in the sale, rental or financing of housing.

Information deemed reliable but not guaranteed. This information is updated daily, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.

Copyright © 2025 Knoxville Area Association of REALTORS® Multiple Listing Service.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/6/2025, 1:20:58 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.