Is Bermuda, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Bermuda has remained a Seller's Market.
Housing Prices in Bermuda, VA
How much do homes in Bermuda, VA cost?
Median Sold Price
$350,627
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Bermuda was $350,627 in May 2024, up 3.1% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $210K | N/A |
2 Bedrooms | $265K | $215K | -18.9% |
3 Bedrooms | $299.9K | $320K | +6.7% |
4 Bedrooms | $375K | $390K | +4.0% |
5+ Bedrooms | $474K | $484.9K | +2.3% |
Summary: Bermuda housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 18.9%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 2.3%.
Median Sold Price Compared To Nearby Cities
Hopewell | $195K | $227K | +16.4% |
Colonial Heights | $250.7K | $278.5K | +11.1% |
Varina | $277.8K | $290K | +4.4% |
Chester | $350K | $362.5K | +3.6% |
Bermuda | $339.9K | $350.6K | +3.1% |
Housing Supply in Bermuda, VA
How many homes are available in Bermuda, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
275 | 281 | +2.2% |
Summary: The Bermuda real estate market had 281 homes for sale in May 2024, a 2.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 15 | 19 | +26.7% |
3 Bedrooms | 108 | 114 | +5.6% |
4 Bedrooms | 97 | 96 | -1.0% |
5+ Bedrooms | 53 | 51 | -3.8% |
Summary: The Bermuda housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 26.7%, 3 bedroom homes increased by 5.6%, 4 bedroom homes decreased by 1%, and 5+ bedroom homes decreased by 3.8%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
72 | 71 | -1.4% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
37 Homes Were Sold
Over Asking
Summary: A total of 71 homes were sold or pending in Bermuda in May 2024, down by 1.4% month-over-month. Of the 71 sold homes, 24% were sold under asking, 24% were sold at asking, and 52% were sold over asking.
Days on Market for Bermuda, VA
How long does it take to sell a home in Bermuda, VA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
16 Days | 25 Days | +49.5% |
Summary: Homes in Bermuda had an average of 25 days on market in May 2024, up by 49.5% compared to last year.
Breakdown of Home Sale Times
60 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 71 homes were sold in Bermuda; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.