The Long & Foster Market Minute

FOCUS ON: BEDFORD COUNTY AND BEDFORD CITY HOUSING MARKET MAY 2024

Units Sold
78
Active Inventory
214
Median Sale Price
$350,000
Days On Market
43
Down -4%
Vs. Year Ago
Up 51%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 43%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 78 sold this month in Bedford County and Bedford City Real Estate versus 97 last month, a decrease of 20%. This month's total units sold was lower than at this time last year, a decrease of 4% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 72 units or 51%. The total number of active inventory this May was 214 compared to 142 in May 2023. This month's total of 214 is higher than the previous month's total supply of available inventory of 204, an increase of 5%.

Median Sale Price
Last May, the median sale price for Bedford County and Bedford City Homes was $369,900. This May, the median sale price was $350,000, a decrease of 5% or $19,900 compared to last year. The current median sold price is 3% higher than in April.

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


New Listings
130
Current Contracts
106
Sold Vs. List Price
98.5%
Months of Supply
2.7
Up 9%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Up 57%
Vs. Year Ago

Months of Supply
In May, there was 2.7 months of supply available in Bedford County and Bedford City, compared to 1.8 in May 2023. That is an increase of 57% 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 130 homes newly listed for sale in Bedford County and Bedford City compared to 119 in May 2023, an increase of 9%. There were 106 current contracts pending sale this May compared to 91 a year ago. The number of current contracts is 16% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Bedford County and Bedford City was 98.5% of the average list price, which is 0.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 43, higher than the average last year, which was 30, an increase of 43%.

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.