Gloucester VA Real Estate Market Update — August 10, 2026

It's Monday, August 10, 2026, and this is your weekly Gloucester County, Virginia real estate market update from Larry McKinney with Hogge Real Estate Inc. in Gloucester Courthouse. Every Monday I pull the freshest numbers straight from our regional MLS for Gloucester Point, Hayes, and western Gloucester County, then break them down the way I'd explain them across the fence to a neighbor — plain English, real numbers, no fluff.

This Week by the Numbers (August 3–10)

Here's what actually happened in Gloucester over the past seven days:

• 13 homes closed, with a median sale price of $335,000 and just over $5 million in total volume. The top sale came in at $800,000.
• 9 more homes went under contract — and here's the eye-opener: those pending homes averaged only 19 days on the market, with a median asking price of $499,900.
• 22 new listings hit the market, with a median list price of $402,450.
• 0 listings expired. Not one. When a home is priced right in Gloucester right now, it sells.

Closed sales averaged 45 days on market overall, but that average hides a big spread — and the spread is the real story this week.

The Fast Lane and the Slow Lane

Homes in the $300,000s were the fastest-moving segment in the county: five closed this week averaging just 12 days on the market. The $400,000s took about five to six weeks. At the top end, one home between $750,000 and $1 million closed after only 10 days — proof that well-presented upper-bracket properties, where much of Gloucester's waterfront lives, still command quick attention. In all, seven properties above $500,000 either went under contract or closed this week.

At the other end, the two sales between $200,000 and $250,000 averaged 157 days on market. After years around construction, I can tell you what that number usually means: it's not the price range, it's the condition. Homes that need visible work — roofs, siding, dated systems — sit until the price reflects the punch list. Homes that show well are gone in weeks.

What This Means for Buyers

If you're shopping in the $300,000s, come pre-approved and ready to move — twelve days is not much runway, and hesitation is how you lose the third house in a row. The good news: 22 new listings this week means fresh inventory to choose from every Monday. And if you're patient, there's real opportunity in the homes that have been sitting — a long days-on-market number is a negotiating position, especially if you have someone who can walk the property and tell you which repairs are cosmetic and which are structural. That's exactly what my construction background is for. There are also a handful of land and lot listings under $140,000 on the market right now — if you've ever thought about buying land and building in Gloucester, this is a conversation worth having.

What This Means for Sellers

Zero expired listings and a 19-day average for homes going under contract tells a simple story: priced-right homes in Gloucester are selling, and selling fast. The median asking price of this week's pending sales — $499,900, well above the $335,000 median of what closed — says buyers are actively reaching into the move-up and waterfront brackets. If you're thinking about listing, two things matter most right now: honest pricing and condition. The gap between 12 days and 157 days on market is mostly those two things. Before you list, I'll walk your property with a builder's eye and tell you which fixes will actually return money at the closing table — and which ones to skip.

The Bigger Picture

As of last Monday's full inventory count, there were 178 active listings across our two Gloucester market areas. At this week's sales pace, that works out to roughly three months of supply — a market that still leans toward sellers but is giving buyers more to work with than we've seen in a while.

Whether you're buying, selling, or just curious what your place on the water (or in the woods) is worth, I'm here and I answer my own phone. Call Larry McKinney at 757-503-2544 or visit thegloucesterrealtor.com.

Larry McKinney | Hogge Real Estate Inc. | 6800 Main St., Gloucester, VA 23061

Data source: REIN Area Market Survey for areas 120 (Gloucester Point/Hayes) and 121 (Gloucester West), status changes August 3–10, 2026. Information deemed reliable but not guaranteed.