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

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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 March 2024

At the same time last year, Pennington Gap was a Seller's 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.
$136,000$83/SqFt
+$36,000
+36.0%

Based on all homes sold in the last 12 months

Insight

Homes in Pennington Gap have sold for 36% more than they did a year ago.

Summary: The median home sold price in Pennington Gap was $136,000 in March 2025, up 36% from last year, and the median price per square foot was $83.

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.
BedsMar 2024Mar 2025Change YoY
1--
N/A
2$65K$82.5K
+26.9%
3$100K$122.5K
+22.6%
4$199.9K$249.9K
+25.0%
5$196K$177.5K
-9.4%

Summary: Pennington Gap housing price by bedroom type for March 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 +22.6%. The home price for 4 bedroom homes increased by +25.0%. 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
20Last MonthMar 2025
202 months agoFeb 2025
0.0 %
Change MoMFeb – Mar

Summary: The Pennington Gap real estate market had 20 homes for sale in Mar 2025, the same as Feb 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
3Last MonthMar 2025
12 months agoFeb 2025
+200.0 %
Change MoMFeb – Mar

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.
BedsFeb 2025Mar 2025Change MoM
100
0.0%
233
0.0%
31213
+8.3%
454
-20.0%
500
0.0%

Summary: Pennington Gap housing inventory by bedroom type for March 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes remained the same. The inventory for 3 bedroom homes increased by +8.3%. The inventory for 4 bedroom homes decreased by -20.0%. 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 Price0 Home

Under Asking Price3 Homes

Insight

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

Summary: A total of 3 homes were sold or pending in Pennington Gap in March 2025, up by 200.0% month-over-month. Of the 3 sold homes, 100% were sold under asking, 0% 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 Days1 Home

Over 90 Days2 Homes

Insight

Most homes in Pennington Gap are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During March 2025, 3 homes were sold in Pennington Gap; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 67% 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
154 DaysThis YearMar 2025
247 Days1 year agoMar 2024
-37.7 %
Change YoYMar 2024 – Mar 2025

Summary: Homes in Pennington Gap had an average listing age of 154 days in Mar 2025, down by 37.7% compared to the previous year.

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Newest Listings in Pennington Gap, VA

What homes are available in Pennington Gap, 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 04/01/2023 - 04/01/2025

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: 4/26/2025, 1:20:55 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: 4/26/2025, 1:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.