To say the real estate industry has experienced ups and downs in the last 12 months is putting it mildly. The national housing market has experienced rising interest rates, growing inventory, and higher inflation. Of course, not all areas of the nation have seen the same chaotic swings. Bedford County, VA, is still home to strong sales, even if it looks like a buyer’s market. What should you know?
By the Numbers
According to the 2023 Luxury Market Report, the median list price in January 2022 was $1,775,000. Compare that to 2023’s median of $1,600,000 as of January. Of course, that’s just the median list price. What about the sales price? The report pins that at $1,303,500 for 2022 and $1,297,500 for 2023. As you can see, there is a difference, but it is much less than what one would think based on the median list price.
Another difference is in the total inventory of luxury homes. In 2022, there were 20,509 units. In 2023, that number has more than doubled to 43,335. However, that number is still well below the level of demand, and pricing, while reduced, is still higher than historic norms even for the luxury real estate segment. This is what’s called a balanced market, with demand, inventory, and pricing all roughly correlating.
For attached homes, the numbers are a bit different. The median list price was $1,167,000 in 2022, but only $974,500 in January 2023. However, the median sale price shows the error of taking the list price as gospel. In 2022, the median sale price was just $871,750, considerably under the median list price. In 2023, the median sale price is $940,000, which is lower than the median list price, but higher than 2022’s median sale price, meaning owners are reaping richer rewards. Again, this is a balanced market, and there’s something for both buyers and sellers.
Overall, the Bedford County, VA, luxury real estate market is doing better than many others in the country. Virginia is becoming a prime destination, with more people moving into the state than out. Many of these newcomers seek luxury homes, but even with the increase in inventory, there are not quite enough to go around. This creates a roughly balanced market, although it skews slightly in favor of sellers.
For buyers interested in Bedford County, VA, luxury real estate, don’t be discouraged. While demand is high, supply has also grown, so you will find properties available. And the reduction in real estate pricing is also good news. Let us know how we can help you find the perfect property for you!
Visit our website to search for your next home and give us a call – 434-546-3202!