For the last year, the housing market has seen a monumental swing toward sellers. Homes were being purchased without buyers even having the chance to view the property first, prices continued to rise, and the seller’s market was in full swing. Let’s take a look at what has been changing in Bedford County.
According to Realtor.com, the median home price in Bedford continues to increase. Compared to August of 2021, Bedford County is experiencing a little over 6% price increase, putting the median home price at $350,000. This number only reflects listing prices, however. When it comes to homes being sold, the number drops slightly to achieve a median selling price of just under $267,000. With that said, sale prices were barely over 2% below the asking price.
In September 2022, Bedford County saw more homes listed than the previous month. In a minor blow to the seller’s market, fewer homes sold. With 444 homes listed and only 98 sold, that’s over a 20% decrease compared to August of the same year.
Houses are sitting on the market for more time after being listed. On average, homes were listed for 57 days before being sold in September. This is still a relatively quick turnaround, except when you compare it to earlier this summer. For instance, in June homes typically were only listed for around 47 days before being sold.
The housing market has been slowing down nationwide and Bedford County is no exception. The numbers are still very favorable for sellers, especially if you look back to what the market was like in 2020. Even if homes are not being moved at the speed of light any longer, sellers still stand to earn a lot of money by putting their homes on the market.
Just as we have seen over the last few months, some of these numbers may dip again. Homes may be listed for a few days less on average and there may be upcoming months where the number of homes sold more closely matches the number that’s listed. Bedford County is in the same real estate push-and-pull as many other places in the country but the market is still solid.
If you are thinking about selling your home, talk with the professional real estate agents at The Realty Group Team.