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Is Wakefield, VA 23888 a buyer’s or seller’s market?

Buyer’s market 3 months ending August 31, 2026 · Source: Redfin

Wakefield is a buyer’s market. With about 7 months of supply, buyers usually have more time and more room to negotiate on price and terms.

Months of supply7Under 4 months = seller’s market
Sold above original list20%Share of sales, last 3 months
Median sale-to-list92%Sold price ÷ list price
Median days on market62Listing to accepted offer
Median price per sq ft$172▲ +50.4% vs. last year

The Wakefield housing market right now

In the three months ending August 31, 2026, 20% of homes in Wakefield, VA 23888 sold above their list price, the typical home went under contract in 62 days and there were 7 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 5 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking rose from 0%, homes sold more slowly (18 days then) and the median sale price rose 19% to $309,566. Overall, Wakefield is more competitive than a year ago, so tougher for buyers.

Nearby, buyers who want less competition could look at Stony Creek 23882 (0% sold over asking), while Jarratt 23867 (40% sold over asking) and Waverly 23890 (25% sold over asking) are even more competitive.

Run the numbers for 23888

Prefilled for 23888Can I win this house?Multiple-offer likelihood for a listing Prefilled for 23888Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Jarratt 23867Seller’s market $141 /sq ftStony Creek 23882Seller’s market $65 /sq ftWaverly 23890Balanced $170 /sq ftYale 23897 — /sq ft Browse all markets →

Towns like Wakefield nearby

Find towns like Wakefield in other states →
Waverly, VA23890 · 8 miles away85% similarcheaper homes ($37K less) · larger Boykins, VA23827 · 29 miles away80% similarcheaper homes ($42K less) · smaller Jarratt, VA23867 · 30 miles away74% similarlarger · 10 min shorter commute Zuni, VA23898 · 13 miles away71% similarpricier homes ($87K more) · older residents

Where Wakefield is

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Questions about Wakefield real estate

Is Wakefield a buyer’s or seller’s market?

A buyer’s market: there were 7 months of supply in Wakefield, VA 23888 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.

How fast do homes sell in Wakefield?

The typical home went under contract in 62 days in the latest three months.

Do homes in Wakefield sell over asking?

20% of homes sold above their original list price, and the typical sale closed at 92.0% of the list price.

What are property taxes in Wakefield?

About 0.59% of a home’s value a year in Sussex County, or roughly $2,360 on a $400,000 home.

What is the median home price in Wakefield?

The median sale price was $309,566 in the three months ending August 31, 2026, about $172 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology