Martinsville USDA Loan Rates, Closing Costs & Stats

Martinsville, VA

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 6.89% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.97% and one month ago for the week of 2024-05-03, the average rate was 6.97%.

The average rate one year ago was 6.97%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.5%.

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
Martinsville's median listing price for 2024-05-01 was $189,425, a difference of $16,175 (9.3%) versus the prior year and $-6,080 versus the prior month.

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

Martinsville's average listing price for 2024-05-01 was $259,156, a difference of $-57,853 (-18.3%) versus the prior year and $-4,708 versus the prior month.

For the 2024-05-01 period, Martinsville had 107 MLS listings, a difference of 9 listings (9%) versus the prior month and 26 listings (32%) 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
Martinsville's median listing age (time on market) for 2024-05-01 was 0 days.

Martinsville's median square footage for active listings during the 2024-05-01 period was 1,575 sqft. One year prior, the average listing was 1,733 sqft.