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
6.86%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Martinsville's average USDA mortgage closing costs are $3,786.
The average rate for the prior week (2024-04-12) was
6.81% and
one month ago for the week of 2024-03-15, the
average rate was 6.89%.
The average rate one year ago was 6.33%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.86%.
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 |
Martinsville's median listing price comes in at 0% of the national average.
Martinsville's average listing price for 2024-03-01 was $294,216, a difference of $27,506 (10.3%) versus the prior year and $-9,085 versus the prior month.
For the 2024-03-01 period, Martinsville had 102 MLS listings, a difference of -1 listings (-1%) versus the prior month and 21 listings (26%) 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 |
Martinsville's median square footage for active listings during the 2024-03-01 period was 1,659 sqft. One year prior, the average listing was 1,476 sqft.