Is It a Good Time to Buy in Bedford County with the Real Estate Market Cooling Down?

The real estate market is finally showing signs of cooling down after over a year of inflated home prices. If you’re ready to buy your forever home in Bedford County, VA, you may wonder if the right time is finally here.

Supply and Demand

In the housing market always important to look at supply. When supply is low, either because no one is selling their home or no new homes are being built, prices can skyrocket because supply cannot satisfy demand.

Luckily, supply is steadily increasing in Bedford County. In a comparative analysis, the number of 2 homes for sale in the county went up 21.4% from August 2021 to August 2022.

Three-bedroom home supply also went up by 16.4% in this timeframe. Most shocking, the 4-bedroom home supply went up 42.4% in Bedford County over the past year!

Supply is increasing, and trends show it will continue to increase. This will lessen the stress of demand and allow the market to cool.

The number of homes sold in Bedford County has decreased from 147 in July 2022 to 117 sold in August 2022. This could be indicative of buyer demand waning, too.

Home Prices in Bedford County

Of the homes sold in Bedford County in July 2022, 35% were sold under the asking price while 41% of homes were sold above the asking price. The rest were sold for the asking price.

It is still considered a sellers’ market in Virginia, and sellers may have the power to successfully ask for more than their property’s worth for quite some time.

The average median home price in Bedford County was 304.1k in August 2021. In August 2022, the median selling price is 340k.  This is a 12% increase from 2021. However, supply is rapidly catching up with demand in Bedford County, so we could see home prices dropping very soon.

Final Thoughts on the Real Estate Market

The right time to buy is very personal for each homebuyer. There will never be a “perfect” time. Although house prices have risen, Bedford County is showing signs that the market is cooling.

If you are looking to buy, now may be the time to start hiring an experienced realtor and researching neighborhoods, so you can snag a great house when the market cools further in the coming months.

The Realty Group Team is here to help! Give us a call 434-546-3202.

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