Are you wondering whether it’s a good time to buy or sell in Bedford County, Virginia? Is it worth it right now…and what about in 2023? This blog will delve into what you need to know to about the real estate outlook and make an educated decision about moving forward or waiting a little while.
If you’ve been keeping up with the housing market, sellers have been in favor for about the last year. People looking to get into homes have been shelling out cash without even stepping into the home. This has led to rising prices and a clear seller’s market.
Home Values in Bedford County
Bedford County is located in Virginia and is made up of 21 cities. As of December 2022, there are over 600 homes for sale at prices ranging from the low thousands to nearly $5M. The median price of a sold home stands at about $260,000.
Changes in the Housing Market
Looking back over the last three years, Bedford County has been experiencing rising home prices. For instance, in July 2020, the median listing home price was around $250,000, while the current listing price median falls closer to $350,000.
However, it’s also useful to look at what these homes actually sold for. In 2020, this number was around $200,000, but today it’s just over $250,000. In June 2022, prices rose significantly, with a median home sold price of about $300,000, but that number has largely dipped since then.
What to Expect in 2023
Sales have recently fallen while prices are holding. In November, home prices were down 35% across the United States, which is a stark contrast to the numbers in 2021, when numbers rose almost 3%.
The market for homeowners will likely be positive in 2023 as equity is made by nothing more than going about daily life. People who have refinanced or bought often have very low interest rates, too.
There are also some benefits for buyers in Bedford County, which are likely to remain that way going into 2023. While buying a home is more expensive than it might have been a couple of years ago, the shopping experience has improved.
Of course, there’s no way to be sure that things will go as planned. Different markets may see different results as we move into the New Year. However, many real estate experts are adamant that prices will largely remain the same.
If you are ready to buy or sell a home, or maybe looking for a real estate investment property, the experts at The Realty Group Team, can help you!