Is Pennington Gap, VA 24277 a buyer’s or seller’s market?
Pennington Gap is a balanced market. With about 5.7 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
The Pennington Gap housing market right now
In the three months ending August 31, 2026, 0% of homes in Pennington Gap, VA 24277 sold above their list price, the typical home went under contract in 58 days and there were 5.7 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is 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 was about the same (0% then), homes sold faster (68 days then) and the median sale price fell 34% to $149,935. Overall, Pennington Gap is more competitive than a year ago, so tougher for buyers.
Within Lee County, homes here sell faster than in 67% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.
Nearby, Ewing 24248 (33% sold over asking) is even more competitive.
Run the numbers for 24277
Nearby markets
Blackwater 24221Buyer’s market $107 /sq ftDryden 24243Buyer’s market $119 /sq ftEwing 24248Buyer’s market $99 /sq ftJonesville 24263Seller’s market $105 /sq ft Browse all markets →Towns like Pennington Gap nearby
Find towns like Pennington Gap in other states →Where Pennington Gap is
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Questions about Pennington Gap real estate
Is Pennington Gap a buyer’s or seller’s market?
A balanced market: there were 5.7 months of supply in Pennington Gap, VA 24277 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 Pennington Gap?
The typical home went under contract in 58 days in the latest three months.
Do homes in Pennington Gap sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 94.0% of the list price.
What are property taxes in Pennington Gap?
About 0.60% of a home’s value a year in Lee County, or roughly $2,400 on a $400,000 home.
What is the median home price in Pennington Gap?
The median sale price was $149,935 in the three months ending August 31, 2026, about $92 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