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Featured local agent — Gate City, VA
Sarah Mitchell
Compass Real Estate · Gate City, VA
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Gate City, VA Housing Market
The typical home in Gate City, VA is worth $176,043, rose 2.9% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $185,000, -27.2% year over year (through May 2026). With 14.0 months of supply and homes going under contract in about 90 days, Gate City is a buyer's market. At today's 7.03% 30-year fixed rate, 20% down on a $176,043 home is about $940/mo in principal and interest.
Key numbers for Gate City, VA
Typical home value
$176,043
+2.9% in 12 months
Zillow, August 2026
Median sale price
$185,000
-27.2% year over year
Redfin, through May 2026
Days on market
90
Slow-moving
Redfin, through May 2026
Active listings
14
14.0 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$37,188
Home costs 4.7x income
U.S. Census ACS, 2023
Sale-to-list ratio
96.4%
Selling below asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Gate City a buyer's or seller's market?
Gate City, VA is a buyer's market, based on 14.0 months of supply and homes selling in about 90 days. Above 7 months of supply is a glut: inventory is well ahead of the sales pace, and buyers can take time to inspect, compare, and negotiate concessions.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Gate City housing market data show?
Every row below is Redfin's final published month for Gate City, VA. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $185,000 |
| Median list price | $216,250 |
| Year-over-year price change | -27.2% |
| Median price per sq ft | $113/sq ft |
| Median days on market | 90 days |
| Active inventory | 14 listings |
| Months of supply | 14.0 months |
| Sale-to-list price ratio | 96.4% |
| Homes sold (that month) | 1 |
| New listings (that month) | 8 |
| Listings with a price cut | 35.7% |
| Market condition | Buyer's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Gate City is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Gate City is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Gate City home prices moved?
Over the last three years the median sale price in Gate City, VA rose 5.7%, from $175,000 to $185,000. The live Zillow value series has rose 2.9% in the last 12 months, which is the more current read now that Redfin's series has stopped. 35.7% of Gate City listings cut their asking price in the final Redfin month — a high share, and the clearest sign that list prices were running ahead of what buyers would pay. For prices to fall meaningfully from here, supply would have to keep building past 14.0 months while the sale-to-list ratio slips below its current 96.4%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Gate City?
Priced off the typical home value of $176,043 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $35,209 | $140,835 | $940/mo |
| 5% | $8,802 | $167,241 | $1,116/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $940, that implies roughly $40,278 a year before you add taxes and insurance. The median household in Gate City earns $37,188, about $3,090 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 4.7x — above the historical 3x norm but in line with much of the country in 2026.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Gate City in the next 12 months?
Tell us your timeline. We send the Gate City market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Gate City?
Zillow does not publish a rent index (ZORI) for Gate City, VA, so we cannot compute a price-to-rent ratio here without borrowing a nearby market's rents and calling them local — which we will not do. The rent vs. buy calculator works with a rent figure you supply.
Is inventory rising or falling in Gate City?
Active listings in Gate City, VA went from 8 in January 2025 to 14 in May 2026, a +75.0% change. Rising inventory is the single most useful leading indicator for buyers: more choice, longer marketing times, and more sellers willing to negotiate before price cuts show up in the median.
| Month | Active listings | New listings |
|---|---|---|
| March 2025 | 10 | 3 |
| May 2025 | 11 | 3 |
| June 2025 | 13 | 4 |
| July 2025 | 9 | 3 |
| August 2025 | 14 | 5 |
| September 2025 | 9 | not published |
| October 2025 | 7 | 2 |
| November 2025 | 6 | 1 |
| January 2026 | 6 | 1 |
| March 2026 | 9 | 1 |
| April 2026 | 10 | 3 |
| May 2026 | 14 | 8 |
Redfin, through May 2026
How does Gate City compare to Virginia and the U.S.?
Gate City homes sell for $185,000 — 63% below the Virginia median of $499,300. Against the national median of $410,700, Gate City runs 55% lower. Year-over-year, Gate City moved -27.2% against Virginia's +3.9% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Gate City, VA | $185,000 | -27.2% | 90 days |
| Virginia statewide | $499,300 | +3.9% | 28 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Gate City
What buyers should watch
- Months of supply, currently 14.0. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 35.7%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $176 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $176,043 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Gate City listing goes under contract in 90 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 96.4% of asking. Price to that ratio from day one rather than chasing the market down in cuts.
- In the last published month Gate City added 8 new listings against 1 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +2.9% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Gate City varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Gate City
There are currently 14 homes listed for sale in Gate City, Virginia. The median listing price is $216K.
Active listings
14
Homes on market
Median list price
$216K
Avg. days on market
90
Days until sale
New this week
8
Newly listed
How much do homes cost in Gate City by property type?
How the Gate City, VA market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $185,000 | $113/sq ft | 1 | 90 days |
Who lives in Gate City?
American Community Survey estimates for Gate City. U.S. Census ACS, 2023
Population
1,939
Households
878
Median income
$37,188/yr
Median age
42 years
Owner-occupied
72.8%
Median home value
$158,400
Median gross rent
$600/mo
Mean commute
22 min
72.8% of occupied homes in Gate City are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $158,400 against Zillow's $176,043 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions.
Which public schools serve Gate City?
7 schools tracked · 2,318 students
The largest public schools serving Gate City, VA by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Virginia Connections Academy
Grades 6-11 · 735 students
Gate City High
Grades 9-12 · 601 students
Shoemaker Elementary
Grades PK-6 · 479 students
Gate City Middle
Grades 7-8 · 311 students
Yuma Elementary
Grades PK-6 · 192 students
Renaissance/Scott Co
Grade range n/a
Scott County Career and Technical Center
Grade range n/a
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Gate City, VA?
Ordered by distance from Gate City, not by size. Compare Gate City side by side with any of them.
Gate City housing market FAQ
Is Gate City a buyer's or seller's market?
Gate City, VA is currently a buyer's market. That read comes from 14.0 months of supply, homes going under contract in about 90 days, and sellers getting 96.4% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Gate City?
The typical home in Gate City, VA is worth $176,043 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $185,000, about $113 per square foot.
Is Gate City cheaper than the rest of Virginia?
Gate City's median sale price of $185,000 is 63% lower than the Virginia statewide median of $499,300, and 55% below the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Gate City?
Homes in Gate City, VA spent a median of 90 days on market before going under contract, versus 28 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Gate City?
At the current 30-year fixed rate of 7.03%, 20% down on a $176,043 home is about $940 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $40,278 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $37,188.
Are home prices rising in Gate City?
The typical home value in Gate City, VA rose 2.9% over the last 12 months, from $171,158 to $176,043 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Gate City?
Gate City ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Gate City?
That depends on your timeline, not on a headline. What the data says today: Gate City, VA is a buyer's market with 14.0 months of supply, the 30-year fixed rate is 7.03%. Properties Incorporated publishes the data; it does not give financial advice.
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