With 2017 now past the half-way mark, we take the time to reflect on the first half of the year and analyze the current state of our local real estate market. We are excited to release the 2017 Mid-Year New River Valley Nest Report. Strong buyer demand has led to a modest increase in total sales throughout our region despite declining inventory levels. Were it not for the limited supply of inventory, we might have seen even greater year-over-year sales growth. Current market conditions continue to favor sellers, as they have for the past 12 months. While we haven’t experienced significant price increases in most areas throughout the region, if inventory remains limited we will likely see prices start to increase. Continue reading for highlights from the first half of the year and be sure to check out the full 2017 Mid-Year New River Valley Nest Report.
New River Valley
- Sales rose 7% year-over-year totaling 1,092.
- Inventory levels are down 12% compared to the same time last year.
- Average sales price rose to $228,348 in June, reaching a 12-month high.
Town of Blacksburg
- Sales were flat year-over-year.
- Total inventory was essentially cut in half resulting in just 1 month of inventory at the end of June.
- Median sales price jumped from $221,075 in 2016 to $262,000 in 2017.
Town of Christiansburg
- Single-family home sales declined, while attached home sales rose.
- There were just 2.5 months of inventory at the end of June.
- Attached homes accounted for nearly 29% of total sales.
Have questions? Be sure to reach out to your Nest broker to find out what this report means for you. To learn more about how the New River Valley real estate market performed in the first half of the year, read the full 2017 Mid-Year New River Valley Nest Report.