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Is Penhook, VA 24137 a buyer’s or seller’s market?

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

Penhook is a buyer’s market. With about 8.9 months of supply, buyers usually have more time and more room to negotiate on price and terms.

Months of supply8.9Under 4 months = seller’s market
Sold above original list0%Share of sales, last 3 months
Median sale-to-list94.6%Sold price ÷ list price
Median days on market62Listing to accepted offer
Median price per sq ft$451▲ +39.4% vs. last year

The Penhook housing market right now

In the three months ending August 31, 2026, 0% of homes in Penhook, VA 24137 sold above their list price, the typical home went under contract in 62 days and there were 8.9 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 9 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking fell from 10%, homes sold more slowly (45 days then) and the median sale price rose 33% to $1,199,481. Overall, Penhook is less competitive than a year ago, which gives buyers more room.

Within Franklin County, homes here sell more slowly, and less often over asking, than in any other ZIP code in the county.

Nearby, Ferrum 24088 (67% sold over asking) and Henry 24102 (67% sold over asking) are even more competitive.

Run the numbers for 24137

Prefilled for 24137Can I win this house?Multiple-offer likelihood for a listing Prefilled for 24137Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Boones Mill 24065Seller’s market $169 /sq ftCallaway 24067Buyer’s market $120 /sq ftFerrum 24088Buyer’s market $163 /sq ftGlade Hill 24092Buyer’s market $132 /sq ft Browse all markets →

Towns like Penhook nearby

Find towns like Penhook in other states →
Huddleston, VA24104 · 18 miles away68% similarpricier homes ($129K more) · 7 min longer commute Henry, VA24102 · 19 miles away64% similarcheaper homes ($37K less) · smaller Floyd, VA24091 · 37 miles away60% similarpricier homes ($38K more) · larger Wirtz, VA24184 · 12 miles away59% similarlarger · younger residents

Where Penhook is

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Questions about Penhook real estate

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

A buyer’s market: there were 8.9 months of supply in Penhook, VA 24137 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 Penhook?

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

Do homes in Penhook sell over asking?

0% of homes sold above their original list price, and the typical sale closed at 94.6% of the list price.

What are property taxes in Penhook?

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 Penhook?

The median sale price was $1,199,481 in the three months ending August 31, 2026, about $451 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