2013 was a year of modest growth and marked stability in the New River Valley real estate market. Low interest rates, strong consumer confidence and more positive economic indicators all contributed to a strong year for the New River Valley’s real estate market.
2013 closed out with positive trends across the board. Total sales were up. Median prices were up. Inventory dropped and days on market for sold properties were also down. With those four key indicators all trending in a positive direction in 2013, most signs point toward another active market in 2014. However, a rising interest rate environment and some changes to mortgage lending rules may serve as speed bumps towards the continued recovery of our local market. That being said, we believe the New River Valley market seems to have enough strength to handle those potential concerns in 2014.
At Nest, we continue to be fortunate to have the trust of a growing number of amazing clients. Our company has continued to grow; adding an office in Fredericksburg, Virginia and hiring talented individuals who share the Nest vision.
As always, we will continue to work hard to provide our clients with the highest level of service and most relevant information to help you make informed real estate decisions.
Thanks again for your trust in Nest.
View the full 2013 New River Valley Annual Report.