The Long & Foster Market Minute

Focus On: Bedford County and Bedford City Housing Market March 2021

Units Sold
93
Active Inventory
131
Median Sale Price
$303,000
Days On Market
34
Down -23%
Vs. Year Ago
Down -55%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -38%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 93 sold this month in Bedford County and Bedford City Real Estate versus 76 last month, an increase of 22%. This month's total units sold was lower than at this time last year, a decrease of 23% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 161 units or 55%. The total number of active inventory this March was 131 compared to 292 in March 2020. This month's total of 131 is lower than the previous month's total supply of available inventory of 135, a decrease of 3%.

Median Sale Price
Last March, the median sale price for Bedford County and Bedford City Homes was $249,900. This March, the median sale price was $303,000, an increase of 21% or $53,100 compared to last year. The current median sold price is 23% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
134
Current Contracts
133
Sold Vs. List Price
99.5%
Months of Supply
1.4
Down -8%
Vs. Year Ago
Up 24%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In March, there was 1.4 months of supply available in Bedford County and Bedford City, compared to 2.4 in March 2020. That is a decrease of 42% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 134 homes newly listed for sale in Bedford County and Bedford City compared to 146 in March 2020, a decrease of 8%. There were 133 current contracts pending sale this March compared to 107 a year ago. The number of current contracts is 24% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Bedford County and Bedford City was 99.5% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 34, lower than the average last year, which was 55, a decrease of 38%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by LAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of LAR or Long & Foster Real Estate, Inc.