The Long & Foster Market Minute

Focus On: Bedford County Housing Market March 2021

Units Sold
78
Active Inventory
104
Median Sale Price
$310,050
Days On Market
34
Down -21%
Vs. Year Ago
Down -56%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -38%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 78 sold this month in Bedford County Real Estate versus 62 last month, an increase of 26%. This month's total units sold was lower than at this time last year, a decrease of 21% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 135 units or 56%. The total number of active inventory this March was 104 compared to 239 in March 2020. This month's total of 104 is lower than the previous month's total supply of available inventory of 109, a decrease of 5%.

Median Sale Price
Last March, the median sale price for Bedford County Homes was $265,000. This March, the median sale price was $310,050, an increase of 17% or $45,050 compared to last year. The current median sold price is 9% 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
108
Current Contracts
108
Sold Vs. List Price
99.5%
Months of Supply
1.3
Down -11%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 1.4%
Vs. Year Ago
Down -45%
Vs. Year Ago

Months of Supply
In March, there was 1.3 months of supply available in Bedford County, compared to 2.4 in March 2020. That is a decrease of 45% 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 108 homes newly listed for sale in Bedford County compared to 122 in March 2020, a decrease of 11%. There were 108 current contracts pending sale this March compared to 89 a year ago. The number of current contracts is 21% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Bedford County was 99.5% of the average list price, which is 1.3% 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.