Big Stone Gap Housing Market Report December 2024•Wise County, Virginia

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Housing Prices in Big Stone Gap, VA

How much do homes in Big Stone Gap, VA cost?

Housing Market Conditions

Is Big Stone Gap, 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

Big Stone Gap is a Neutral Market

Difference Since December 2023

At the same time last year, Big Stone Gap was a Seller's Market.

Insight

Big Stone Gap 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

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.
$210,000$103/SqFt
+$21,746
+11.6%

Based on all homes sold in the last 12 months

Insight

Homes in Big Stone Gap have sold for 11.6% more than they did a year ago.

Summary: The median home sold price in Big Stone Gap was $210,000 in December 2024, up 11.6% from last year, and the median price per square foot was $103.

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$95.3K$96K
+0.7%
3$148.5K$186.2K
+25.4%
4$239.5K$246K
+2.7%
5$298.8K$407.5K
+36.4%

Summary: Big Stone Gap 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 +0.7%. The home price for 3 bedroom homes increased by +25.4%. The home price for 4 bedroom homes increased by +2.7%. The home price for 5 bedroom homes increased by +36.4%.

Housing supply in Big Stone Gap, VA

How many homes are available in Big Stone Gap, 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
26Last MonthDec 2024
302 months agoNov 2024
-13.3 %
Change MoMNov – Dec

Summary: The Big Stone Gap real estate market had 26 homes for sale in Dec 2024, a 13.3 % 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
4Last MonthDec 2024
22 months agoNov 2024
+100.0 %
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%
221
-50.0%
31512
-20.0%
488
0.0%
555
0.0%

Summary: Big Stone Gap 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 -50.0%. The inventory for 3 bedroom homes decreased by -20.0%. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in Big Stone Gap, 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 Price0 Home

Under Asking Price4 Homes

Insight

If you're buying a home in Big Stone Gap, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Big Stone Gap in December 2024, up by 100.0% month-over-month. Of the 4 sold homes, 100% were sold under asking, 0% were sold at asking, and and 0% were sold over asking.

Days on Market for Big Stone Gap, VA

How long does it take to sell a home in Big Stone Gap, VA?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days3 Homes

Over 90 Days0 Home

Insight

Avg time on Rocket Homes in Big Stone Gap has remained consistent over time.

Summary: During December 2024, 4 homes were sold in Big Stone Gap; 25% of homes were sold within 30 days, 75% of homes were sold within 30 to 90 days, and 0% 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
57 DaysThis YearDec 2024
80 Days1 year agoDec 2023
-27.8 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Big Stone Gap had an average listing age of 57 days in Dec 2024, down by 27.8% compared to the previous year.

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Newest Listings in Big Stone Gap, VA

What homes are available in Big Stone Gap, VA?

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Nearby markets aren't available for Big Stone Gap, VA

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MLS Disclaimers and Copyright

Based on information from Tennessee Virginia Regional MLS, and Southwest Virginia Association of REALTORS® MLS for the period 01/01/2023 - 01/01/2025

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: 1/29/2025, 4:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange (IDX) of the SW VA Association of REALTORS® Multiple Listing Service. The SWVAR IDX logo indicates listings of other real estate firms that are identified in the detailed listing information. The information being provided is 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. Information herein is deemed reliable but not guaranteed, representations are approximate, individual verifications are recommended. Copyright 2025 Southwest Virginia Association of REALTORS. 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: 1/29/2025, 4:15:59 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.