Martinsville USDA Loan Rates, Closing Costs & Stats

Martinsville, VA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Martinsville's 14 lenders originated 67 USDA loans during 2023. The total origination value was $9,805,000, with an average USDA loan value of $146,343.

    Martinsville USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Martinsville averaged 6.6% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Martinsville's average USDA mortgage closing costs are $3,786.

    The average rate for the prior week (2024-12-06) was 6.33% and one month ago for the week of 2024-11-08, the average rate was 6.45%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Martinsville USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Martinsville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Alcova Mortgage LLC 31 6.95% $2,705
    Blue Ridge Bank 17 6.31% $6,289
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.92% $9,596
    Plains Commerce Bank 2 5.94% $8,722
    UNION HOME MORTGAGE CORP. 2 6.25% $8,475
    C & F Mortgage Corporation 1 6.63% $8,790
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $4,244
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $10,147
    TOWNE MORTGAGE COMPANY 1 7.75% $4,970
    UNITED WHOLESALE MORTGAGE, LLC 1 5.63% $11,276
    American National Bank and Trust Company 1 7.13% $4,298
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $7,571
    Atlantic Coast Mortgage, LLC 1 6.25% $5,921
    Bank of England 1 6.25% $7,254

    The top Martinsville USDA lender as defined by loan originations is Alcova Mortgage LLC, with 31 USDA loans originated. Their average total fees are $2,705, which is $3,584 lower than the next largest lender, Blue Ridge Bank.

    The lowest fee Martinsville USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($2,705), Blue Ridge Bank ($6,289), .

    The lowest rate Martinsville USDA lenders (with over 10 loans originated) are Blue Ridge Bank (6.31%), Alcova Mortgage LLC (6.95%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Martinsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $99,900 (6.7%) $147,002 (6.2%) 0.00 356
    2018-02-01 $107,400 (14.4%) $148,268 (7.1%) 0.00 349
    2018-03-01 $114,900 (21.3%) $154,349 (11.4%) 0.00 343
    2018-04-01 $110,000 (15.9%) $159,645 (14.3%) 0.00 341
    2018-05-01 $109,925 (15.8%) $157,852 (9.5%) 0.00 367
    2018-06-01 $109,900 (10.3%) $154,573 (5.9%) 0.00 373
    2018-07-01 $109,925 (6.4%) $158,293 (9.7%) 0.00 365
    2018-08-01 $113,759 (14.0%) $160,618 (17.1%) 0.00 361
    2018-09-01 $110,000 (6.4%) $159,099 (13.5%) 0.00 349
    2018-10-01 $109,950 (10.1%) $162,009 (13.8%) 0.00 341
    2018-11-01 $99,925 (-1.1%) $152,862 (5.4%) 0.00 325
    2018-12-01 $99,900 (0.0%) $152,579 (5.7%) 0.00 317
    2019-01-01 $99,900 (0.0%) $150,370 (2.3%) 0.00 272
    2019-02-01 $99,900 (-7.0%) $151,892 (2.4%) 0.00 290
    2019-03-01 $99,900 (-13.1%) $151,463 (-1.9%) 0.00 303
    2019-04-01 $99,900 (-9.2%) $151,918 (-4.8%) 0.00 302
    2019-05-01 $100,925 (-8.2%) $150,827 (-4.5%) 0.00 299
    2019-06-01 $109,950 (0.1%) $153,430 (-0.7%) 0.00 294
    2019-07-01 $109,950 (0.0%) $162,068 (2.4%) 0.00 281
    2019-08-01 $107,173 (-5.8%) $160,191 (-0.3%) 0.00 271
    2019-09-01 $103,082 (-6.3%) $157,474 (-1.0%) 0.00 253
    2019-10-01 $99,900 (-9.1%) $157,462 (-2.8%) 0.00 239
    2019-11-01 $109,900 (10.0%) $161,009 (5.3%) 0.00 229
    2019-12-01 $104,450 (4.6%) $159,842 (4.8%) 0.00 221
    2020-01-01 $109,925 (10.0%) $159,196 (5.9%) 0.00 206
    2020-02-01 $109,900 (10.0%) $154,466 (1.7%) 0.00 207
    2020-03-01 $106,450 (6.6%) $158,387 (4.6%) 0.00 209
    2020-04-01 $106,598 (6.7%) $161,366 (6.2%) 0.00 207
    2020-05-01 $99,900 (-1.0%) $162,281 (7.6%) 0.00 197
    2020-06-01 $111,385 (1.3%) $184,169 (20.0%) 0.00 174
    2020-07-01 $124,000 (12.8%) $199,996 (23.4%) 0.00 148
    2020-08-01 $129,900 (21.2%) $224,651 (40.2%) 0.00 137
    2020-09-01 $136,150 (32.1%) $236,473 (50.2%) 0.00 130
    2020-10-01 $124,900 (25.0%) $232,396 (47.6%) 0.00 122
    2020-11-01 $119,950 (9.1%) $222,769 (38.4%) 0.00 123
    2020-12-01 $123,175 (17.9%) $229,075 (43.3%) 0.00 116
    2021-01-01 $127,400 (15.9%) $243,201 (52.8%) 0.00 97
    2021-02-01 $116,175 (5.7%) $266,982 (72.8%) 0.00 71
    2021-03-01 $134,900 (26.7%) $247,938 (56.5%) 0.00 62
    2021-04-01 $129,900 (21.9%) $232,854 (44.3%) 0.00 75
    2021-05-01 $129,950 (30.1%) $250,252 (54.2%) 0.00 76
    2021-06-01 $149,225 (34.0%) $256,631 (39.4%) 0.00 90
    2021-07-01 $149,000 (20.2%) $280,616 (40.3%) 0.00 92
    2021-08-01 $129,900 (0.0%) $286,888 (27.7%) 0.00 103
    2021-09-01 $139,450 (2.4%) $315,819 (33.6%) 0.00 100
    2021-10-01 $137,400 (10.0%) $323,495 (39.2%) 0.00 86
    2021-11-01 $149,900 (25.0%) $341,768 (53.4%) 0.00 82
    2021-12-01 $159,900 (29.8%) $346,906 (51.4%) 0.00 77
    2022-01-01 $191,500 (50.3%) $363,253 (49.4%) 0.00 59
    2022-02-01 $208,500 (79.5%) $384,338 (44.0%) 0.00 53
    2022-03-01 $175,000 (29.7%) $344,833 (39.1%) 0.00 55
    2022-04-01 $199,900 (53.9%) $340,669 (46.3%) 0.00 58
    2022-05-01 $199,900 (53.8%) $302,323 (20.8%) 0.00 80
    2022-06-01 $189,900 (27.3%) $298,559 (16.3%) 0.00 79
    2022-07-01 $199,900 (34.2%) $309,981 (10.5%) 0.00 83
    2022-08-01 $188,725 (45.3%) $298,318 (4.0%) 0.00 99
    2022-09-01 $187,425 (34.4%) $301,607 (-4.5%) 0.00 102
    2022-10-01 $185,000 (34.6%) $305,118 (-5.7%) 0.00 94
    2022-11-01 $159,725 (6.6%) $297,320 (-13.0%) 0.00 89
    2022-12-01 $154,000 (-3.7%) $287,365 (-17.2%) 0.00 94
    2023-01-01 $149,225 (-22.1%) $301,682 (-17.0%) 0.00 73
    2023-02-01 $144,250 (-30.8%) $273,411 (-28.9%) 0.00 82
    2023-03-01 $152,400 (-12.9%) $266,710 (-22.7%) 0.00 81
    2023-04-01 $159,450 (-20.2%) $303,638 (-10.9%) 0.00 85
    2023-05-01 $173,250 (-13.3%) $317,009 (4.9%) 0.00 81
    2023-06-01 $183,375 (-3.4%) $365,999 (22.6%) 0.00 77
    2023-07-01 $177,400 (-11.3%) $364,704 (17.7%) 0.00 77
    2023-08-01 $199,200 (5.6%) $347,846 (16.6%) 0.00 101
    2023-09-01 $189,000 (0.8%) $336,253 (11.5%) 0.00 104
    2023-10-01 $189,900 (2.7%) $324,590 (6.4%) 0.00 112
    2023-11-01 $192,163 (20.3%) $331,214 (11.4%) 0.00 111
    2023-12-01 $215,000 (39.6%) $342,458 (19.2%) 0.00 111
    2024-01-01 $197,963 (32.7%) $338,546 (12.2%) 0.00 103
    2024-02-01 $183,974 (27.5%) $303,301 (10.9%) 0.00 103
    2024-03-01 $184,900 (21.3%) $294,216 (10.3%) 0.00 102
    2024-04-01 $195,505 (22.6%) $263,864 (-13.1%) 0.00 98
    2024-05-01 $189,425 (9.3%) $259,156 (-18.3%) 0.00 107
    2024-06-01 $199,900 (9.0%) $254,733 (-30.4%) 0.00 112
    2024-07-01 $193,650 (9.2%) $233,701 (-35.9%) 0.00 126
    2024-08-01 $189,900 (-4.7%) $223,982 (-35.6%) 0.00 130
    2024-09-01 $193,425 (2.3%) $240,399 (-28.5%) 0.00 133
    2024-10-01 $197,200 (3.8%) $236,406 (-27.2%) 0.00 125
    2024-11-01 $209,900 (9.2%) $244,386 (-26.2%) 0.00 124
    Martinsville's median listing price for 2024-11-01 was $209,900, a difference of $17,737 (9.2%) versus the prior year and $12,700 versus the prior month.

    Martinsville's median listing price comes in at 0% of the national average.

    Martinsville's average listing price for 2024-11-01 was $244,386, a difference of $-86,828 (-26.2%) versus the prior year and $7,980 versus the prior month.

    For the 2024-11-01 period, Martinsville had 124 MLS listings, a difference of -1 listings (-1%) versus the prior month and 13 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Martinsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,710 sqft
    2018-02-01 0 days 1,676 sqft
    2018-03-01 0 days 1,729 sqft
    2018-04-01 0 days 1,675 sqft
    2018-05-01 0 days 1,634 sqft
    2018-06-01 0 days 1,630 sqft
    2018-07-01 0 days 1,729 sqft
    2018-08-01 0 days 1,794 sqft
    2018-09-01 0 days 1,780 sqft
    2018-10-01 0 days 1,783 sqft
    2018-11-01 0 days 1,680 sqft
    2018-12-01 0 days 1,651 sqft
    2019-01-01 0 days 1,634 sqft
    2019-02-01 0 days 1,650 sqft
    2019-03-01 0 days 1,630 sqft
    2019-04-01 0 days 1,620 sqft
    2019-05-01 0 days 1,622 sqft
    2019-06-01 0 days 1,650 sqft
    2019-07-01 0 days 1,647 sqft
    2019-08-01 0 days 1,632 sqft
    2019-09-01 0 days 1,634 sqft
    2019-10-01 0 days 1,635 sqft
    2019-11-01 0 days 1,713 sqft
    2019-12-01 0 days 1,705 sqft
    2020-01-01 0 days 1,711 sqft
    2020-02-01 0 days 1,732 sqft
    2020-03-01 0 days 1,725 sqft
    2020-04-01 0 days 1,724 sqft
    2020-05-01 0 days 1,650 sqft
    2020-06-01 0 days 1,703 sqft
    2020-07-01 0 days 1,795 sqft
    2020-08-01 0 days 1,723 sqft
    2020-09-01 0 days 1,731 sqft
    2020-10-01 0 days 1,550 sqft
    2020-11-01 0 days 1,453 sqft
    2020-12-01 0 days 1,416 sqft
    2021-01-01 0 days 1,499 sqft
    2021-02-01 0 days 1,446 sqft
    2021-03-01 0 days 1,580 sqft
    2021-04-01 0 days 1,420 sqft
    2021-05-01 0 days 1,523 sqft
    2021-06-01 0 days 1,597 sqft
    2021-07-01 0 days 1,524 sqft
    2021-08-01 0 days 1,538 sqft
    2021-09-01 0 days 1,464 sqft
    2021-10-01 0 days 1,376 sqft
    2021-11-01 0 days 1,583 sqft
    2021-12-01 0 days 1,647 sqft
    2022-01-01 0 days 1,833 sqft
    2022-02-01 0 days 1,668 sqft
    2022-03-01 0 days 1,589 sqft
    2022-04-01 0 days 1,680 sqft
    2022-05-01 0 days 1,685 sqft
    2022-06-01 0 days 1,646 sqft
    2022-07-01 0 days 1,776 sqft
    2022-08-01 0 days 1,722 sqft
    2022-09-01 0 days 1,726 sqft
    2022-10-01 0 days 1,769 sqft
    2022-11-01 0 days 1,568 sqft
    2022-12-01 0 days 1,354 sqft
    2023-01-01 0 days 1,379 sqft
    2023-02-01 0 days 1,383 sqft
    2023-03-01 0 days 1,476 sqft
    2023-04-01 0 days 1,512 sqft
    2023-05-01 0 days 1,733 sqft
    2023-06-01 0 days 1,846 sqft
    2023-07-01 0 days 1,644 sqft
    2023-08-01 0 days 1,698 sqft
    2023-09-01 0 days 1,621 sqft
    2023-10-01 0 days 1,635 sqft
    2023-11-01 0 days 1,737 sqft
    2023-12-01 0 days 1,719 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,647 sqft
    2024-03-01 0 days 1,659 sqft
    2024-04-01 0 days 1,583 sqft
    2024-05-01 0 days 1,575 sqft
    2024-06-01 0 days 1,573 sqft
    2024-07-01 0 days 1,567 sqft
    2024-08-01 0 days 1,440 sqft
    2024-09-01 0 days 1,612 sqft
    2024-10-01 0 days 1,600 sqft
    2024-11-01 0 days 1,588 sqft
    Martinsville's median listing age (time on market) for 2024-11-01 was 0 days.

    Martinsville's median square footage for active listings during the 2024-11-01 period was 1,588 sqft. One year prior, the average listing was 1,737 sqft.