The Poore Team
Powhatan, VA
Single-Family Homes
Compass
Powhatan, VA
Thu Apr 25 2024
This week the median list price for Powhatan, VA is $744,475 with the market action index hovering around 49. This is less than last month's market action index of 50. Inventory has increased to 28.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $744,475 | |
| Median Price of New Listings | $628,250 | |
| Per Square Foot | $241 | |
| Average Days on Market | 105 | |
| Median Days on Market | 25 | |
| Price Decreased | 29% | |
| Price Increased | 0% | |
| Relisted | 18% | |
| Inventory | 28 | |
| Median Rent | ||
| Market Action | 49 | |
| Strong Seller's Market | ||
While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers are tending to get more home for their money.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $873,950 | 3,344 | 2.5 - 5 acres | 4 | 3.5 | 19 | 1 | 1 | 175 |
| $789,950 | 3,793 | 2.5 - 5 acres | 4 | 3.5 | 2 | 2 | 2 | 42 |
| $549,950 | 2,552 | 2.5 - 5 acres | 4 | 2.5 | 18 | 0 | 3 | 21 |
| $399,950 | 1,560 | 2.5 - 5 acres | 3 | 2.5 | 0 | 3 | 4 | 7 |