The housing market always has its ups and downs. It’s in a constant state of flux and, if you look closely, always a bit chaotic. While the current outlook is different than the incredible movement that took place over the last two years, there’s still plenty going on in The Realty Group Team’s neck of the woods. Here’s what’s going on in the areas we serve.
The Realty Group Team serves several areas and communities in Bedford County, and there’s been plenty of movement in each. Currently, the median sold home price in the county is $359,000, which is up by about 12% since the same time in 2022. You can view the most recent listings available in Bedford County on our website. By the end of Q1, fewer homes were being sold in Bedford County compared to the same time last year, but inventory was up.
Campbell County had a seller’s market for Q1, with the median home price increasing by around 21% for an average of $262,525. Prices for homes increased by double digits compared to the same period in 2022, and the amount of inventory increased, too. This bucks the current low inventory trend faced by many parts of the country. The Realty Group Team currently has several homes listed for sale in Campbell County. Actual home sales are roughly equivalent for the same period last year but have decreased slightly (around 3%).
Franklin County remains in a seller’s market, although things are evening out and heading more toward neutral for both sellers and buyers. The number of homes sold has increased compared to the same time last year, rising by about 20%. Home prices have also increased, though by a more modest 5%, and selling prices are a mixed bag of under-asking, at-asking, and over-asking. You can search for a home in Franklin County on our website.
Despite alarms being raised over high-interest rates and consequently falling inventory, the market in our areas of Virginia continues to perform admirably. The Q1 numbers show that buyers and sellers are both still active and inventory continues to move. The above counties cover our served areas, and the numbers may differ slightly within specific communities, but the overall outlook for The Realty Group Team’s area of Virginia is strong.