Amherst County currently leans toward buyers, with the market gauge at 57 and conditions rated as a buyer’s market. Months of supply has risen to 3.8, up sharply from earlier in the year, giving shoppers more options. Active listings are also up strongly year over year, increasing by about 28 percent.
Home prices show steady upward pressure compared with last year, even with some recent softening. The typical home value is about $276,000, up more than 7 percent year over year, while the median list price has climbed nearly 5 percent over the same period. New listings have surged almost 74 percent from a year ago, which helps explain the buildup in inventory and the higher months of supply.
Demand has cooled compared with last year, with pending sales down more than 40 percent year over year even as closed sales are slightly higher. Homes are taking a median of 17 days to go under contract, faster than many parts of Virginia, and nearly half go off the market within two weeks, yet only about 24 percent are selling above list and the average sale-to-list ratio sits just under 100 percent. These crosscurrents create a nuanced environment where buyers have more leverage yet still need to move decisively, and where sellers must price carefully, so both buyers and sellers can benefit from using Agent Pronto to connect with a skilled local agent.
