Pennington Gap Housing Market Report April 2025•Lee County, Virginia

hero building illustration for mobile

Housing Prices in Pennington Gap, VA

How much do homes in Pennington Gap, VA cost?

Housing Market Conditions

Is Pennington 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

Pennington Gap is a Neutral Market

Difference Since April 2024

Since last year, Pennington Gap has remained a Neutral Market.

Insight

Pennington 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.
$158,500$88/SqFt
+$58,500
+58.5%

Based on all homes sold in the last 12 months

Insight

Homes in Pennington Gap have sold for 58.5% more than they did a year ago.

Summary: The median home sold price in Pennington Gap was $158,500 in April 2025, up 58.5% from last year, and the median price per square foot was $88.

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.
BedsApr 2024Apr 2025Change YoY
1--
N/A
2$65K$82.5K
+26.9%
3$121K$127K
+5.0%
4$180K$190K
+5.6%
5$196K$177.5K
-9.4%

Summary: Pennington Gap housing price by bedroom type for April 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 +26.9%. The home price for 3 bedroom homes increased by +5.0%. The home price for 4 bedroom homes increased by +5.6%. The home price for 5 bedroom homes decreased by -9.4%.

How does Pennington Gap, VA compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

Pennington Gap, VA

Housing supply in Pennington Gap, VA

How many homes are available in Pennington 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
25Last MonthApr 2025
222 months agoMar 2025
+13.6 %
Change MoMMar – Apr

Summary: The Pennington Gap real estate market had 25 homes for sale in Apr 2025, a 13.6 % increase compared to Mar 2025.

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 MonthApr 2025
42 months agoMar 2025
0.0 %
Change MoMMar – Apr

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.
BedsMar 2025Apr 2025Change MoM
101
+100.0%
233
0.0%
31312
-7.7%
469
+50.0%
500
0.0%

Summary: Pennington Gap housing inventory by bedroom type for April 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +100.0%. The inventory for 2 bedroom homes remained the same. The inventory for 3 bedroom homes decreased by -7.7%. The inventory for 4 bedroom homes increased by +50.0%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in Pennington 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 Price2 Homes

Under Asking Price2 Homes

Insight

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

Summary: A total of 4 homes were sold or pending in Pennington Gap in April 2025, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and and 0% were sold over asking.

Days on Market for Pennington Gap, VA

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

Breakdown of Home Sale Times

Under 30 Days0 Home

30 – 90 Days2 Homes

Over 90 Days2 Homes

Insight

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

Summary: During April 2025, 4 homes were sold in Pennington Gap; 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.
This Year1 year agoChange YoY
83 DaysThis YearApr 2025
168 Days1 year agoApr 2024
-50.3 %
Change YoYApr 2024 – Apr 2025

Summary: Homes in Pennington Gap had an average listing age of 83 days in Apr 2025, down by 50.3% compared to the previous year.

Connect With An Agent

Local real estate agents are ready to help you find a home here

Sell My Home

Sell your home with an expert or get the job done on your own.

Get Approved

Get a customizable mortgage solution based on today's rates.

Newest Listings in Pennington Gap, VA

What homes are available in Pennington Gap, VA?

See More Listings

Nearby markets

Nearby markets aren't available for Pennington Gap, VA

Popular Cities with Homes for Sale in Virginia

MLS Disclaimers and Copyright

Based on information from Tennessee Virginia Regional MLS, and East Tennessee REALTORS® MLS for the period 05/01/2023 - 05/01/2025

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: 5/29/2025, 12:50:33 AM 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: 5/29/2025, 12:50:34 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.