Real estate is always local.
Every morning in my inbox, I have articles from various sources discussing the housing market. Some are focused on a particular area, or state, while others analyze what is occurring on a national scale. While this information is often intriguing, it also reminds me how real estate is truly local. For example, much of the country looks at new housing starts (building permits) as a major player in the health of the housing market. In the New River Valley, it’s not quite as strong an indicator of market health. While it’s always beneficial to be educated on the overall health of the housing economy; it’s those that are working in the local market, day after day, who really know what is going on in the New River Valley. As we pass the halfway point of 2018, we are pleased to share with you our 2018 New River Valley Mid-Year Market Report, or, as we like to call it, the Nest Report.
Consistently strong buyer demand, combined with declining inventory levels, has led to a very large increase in the median sales price for the area. It seems we’ve been saying this for a while now, and it’s true – with inventory levels remaining below six months, current market conditions continue to favor sellers, and we are seeing demand increase in locations which normally see flat growth rates. Check out the following highlights on each area below:
New River Valley
• Median sales price increased 12% from mid-year 2017.
• Months of inventory is down almost 20% compared to last year.
• Average days on market decreased nearly 20% from 87 days to 70.
Town of Blacksburg
• Total number of sales decreased almost 28% compared to last year.
• Median sales prices remained flat after seeing a large increase between
• Days on market decreased substantially from 59 to 24 days.
Town of Christiansburg
• Median sales price climbed over 11% to just under $200,000
• Months of inventory decreased almost 25% from this time last year
• Average days on market decreased a whopping 40% year-over-year to 42 days
• Days on market this year decreased just over 10% to 115
• Median sales price increased almost 5% to $162,500
• Months of inventory saw a large gain over last year inching close to 10 months
• Last year saw a nice increase in median sales price. This year, it increased nearly 17% to $116,250
• Inventory levels increased slightly year-over-year to 6 months
• 2018 saw a 5% increase in days in market compared to 2017
City of Radford
• From mid-year 2017, total sales increased over 8%
• Median sales price dropped almost 12% to $134,900
• After seeing a significant decrease in days on market in 2017, we saw a slight uptick this year
So what does this tell us? First and foremost, the health of the New River Valley real estate market remains, overall, very strong. While it’s true that median sales prices rose 12%, the number of homes for sale, and the length of time those homes were on the market, fell, reflecting the fact that homes remain affordable. While pockets of the region may rise or fall at faster rates than others, the imbalance is reflective of the current buyer pool.
We’re happy to be able to provide this report to you on a quarterly basis. Be sure to check out the full 2018 New River Valley Mid-Year Market Report here.
Whether buying or selling, it is increasingly important in current market conditions to talk with your Nest Broker about how your home fits into the bigger picture. If you’d like to speak with any of our brokers about this report, or the state of the market in general, we’d love to chat. You can find us, at www.NestRealtyNRV.com.