Is Ferrum, VA 24088 a buyer’s or seller’s market?
Ferrum is a buyer’s market. With about 8.5 months of supply, buyers usually have more time and more room to negotiate on price and terms.
The Ferrum housing market right now
In the three months ending August 31, 2026, 67% of homes in Ferrum, VA 24088 sold above their list price, the typical home went under contract in 53 days and there were 8.5 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 6 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 40%, homes sold more slowly (9 days then) and the median sale price fell 7% to $252,391. Overall, Ferrum is more competitive than a year ago, so tougher for buyers.
Within Franklin County, homes here sell more slowly than in 67% of the county’s ZIP codes, and sell more often over asking than in 89%.
Nearby, buyers who want less competition could look at Wirtz 24184 (0% sold over asking) or Union Hall 24176 (0% sold over asking).
Run the numbers for 24088
Nearby markets
Boones Mill 24065Seller’s market $169 /sq ftCallaway 24067Buyer’s market $120 /sq ftGlade Hill 24092Buyer’s market $132 /sq ftHardy 24101Balanced $232 /sq ft Browse all markets →Towns like Ferrum nearby
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Questions about Ferrum real estate
Is Ferrum a buyer’s or seller’s market?
A buyer’s market: there were 8.5 months of supply in Ferrum, VA 24088 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 Ferrum?
The typical home went under contract in 53 days in the latest three months.
Do homes in Ferrum sell over asking?
67% of homes sold above their original list price, and the typical sale closed at 99.1% of the list price.
What are property taxes in Ferrum?
About 0.50% of a home’s value a year in Franklin County, or roughly $2,000 on a $400,000 home.
What is the median home price in Ferrum?
The median sale price was $252,391 in the three months ending August 31, 2026, about $163 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