For a variety of reasons, 2016 was certainly one to remember. As the calendar turns to 2017, it’s time for the 2016 New River Valley Annual Report, or the “Nest Report.” The Nest Report is our look at the real estate market for the most recent quarter, and at the end of the year we take a broader look at both where we’ve been, and also a bit toward where we’re going in the coming year. This report is a statistical analysis of all the data for the New River Valley – no fluff, just local, relevant, easy-to-understand data to empower you to confidently make informed real estate decisions when the time arrives.
2015 saw a bounce back in the New River Valley real estate market, and 2016 was more of the same. Total sales continued their year-over-year ascent, reaching 2,038 sales for the year, and inventory levels half of what they were five years prior. Of those 2,038 sales, 78% were single-family homes, continuing a recurring trend. Demand throughout the area remained strong from February through November, indicating a strong buyer pool for quality housing inventory. In our 2015 Annual Report, demand was an indicator we identified as one to watch in 2016, and lower inventory levels across most of the markets tracked show that the demand continued through the end of the year. One interesting thing to note—demand didn’t push median sales prices higher across the entire area, so there are still some areas of the region that remain a balanced market, or even a buyers market.
For more information about the New River Valley real estate market in 2016, take a look at some of the highlights below, and read the full 2016 Nest Realty Annual Report here!
- Total sales in the New River Valley MSA rose approximately 9%
- Median sales prices in the Town of Christiansburg jumped approximately 6%
- Floyd County continued a five year run of increasing sales year-over-year
- The Town of Blacksburg finished 2016 with just 1.75 months of inventory, lowest of all areas tracked
Have questions? Don’t hesitate to reach out to your Nest Broker today.