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.
Key Takeaway
Bermuda is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
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
Key Takeaway
Homes in Bermuda have sold for 3.1% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Bermuda, you could pay more than the asking price. 52.1% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Bermuda are selling fast, if you're buying plan to act quickly.
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.
All or a portion of the multiple Listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of Listings. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of Listings and each individual Listing are ©2024 Central Virginia Regional Multiple Listing Service,LLC. All rights reserved