Is Hopewell, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hopewell is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Hopewell, VA

How much do homes in Hopewell, VA cost?

Median Sold Price

$240,000

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,333(+14.5%)

Key Takeaway

Homes in Hopewell have sold for 14.5% more than they did a year ago.

Summary: The median home sold price in Hopewell was $240,000 in May 2024, up 14.5% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $195.7K$177.2K
-9.5%
2 $129K$177.5K
+37.6%
3 $200K$229.5K
+14.8%
4 $255K$273.5K
+7.3%
5+ $360K$290K
-19.4%

Summary: Hopewell housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.5%, 2 bedroom homes increased by 37.6%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes decreased by 19.4%.

Median Sold Price Compared To Nearby Cities

Hopewell
+16.4%
Hopewell
+14.5%
Prince George
+9.8%
Bland
+8.9%

Housing Supply in Hopewell, VA

How many homes are available in Hopewell, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
138150+8.7%

Summary: The Hopewell real estate market had 150 homes for sale in May 2024, a 8.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1416
+14.3%
3 7278
+8.3%
4 4345
+4.7%
5+ 911
+22.2%

Summary: The Hopewell housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3940+2.6%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

21 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hopewell, you could pay more than the asking price. 55.3% of homes here sold above asking price last month.

Summary: A total of 40 homes were sold or pending in Hopewell in May 2024, up by 2.6% month-over-month. Of the 38 sold homes, 21% were sold under asking, 24% were sold at asking, and 55% were sold over asking.

Days on Market for Hopewell, VA

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

Average Sale Time

May 2023May 2024CHANGE
18 Days20 Days+12.3%

Summary: Homes in Hopewell had an average of 20 days on market in May 2024, up by 12.3% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 40 homes were sold in Hopewell; 78% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Hopewell, VA

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