Happy fall, New River Valley!
What a beautiful place to watch the seasons change; especially this time of year. I hope you have the opportunity to take advantage of the many harvest festivals, scenic foliage drives, apple orchards, and pumpkin patches here in our area. We love seeing your posts and pictures from around the New River Valley, so please be sure to share with us!
We are excited to release the 2018 New River Valley Q3 Market Report. The third quarter of 2018 saw a drop in overall sales; primarily due to a lack of inventory. Plenty of buyers want to buy a home in the NRV, but not nearly as many sellers are looking to sell their property. In most areas, this lack of inventory is putting upward pressure on sales prices. Continue reading for the highlights from the past quarter’s performance and be sure to read the full report for more info.
New River Valley
- Median sales price increased 2.28% to $191,000 from third quarter of 2017.
- Inventory levels are down almost 16% compared to last year.
- Average days on market decreased 6% from 56 days to 52.
- Average price of a single family home was $222,118 and $179,646 for a townhouse/condo.
Town of Blacksburg
- Total number of sales decreased 10% compared to last year.
- Median sales price dropped slightly from $308,000 to $304,500.
- Days on market barely moved; 43 days in 2017 compared to 44 days in 2018.
Town of Christiansburg
- Median sales price climbed approximately 5% to $189,300.
- Inventory levels decreased almost 6% from this time last year.
- Average days on market remained relatively flat.
Be sure to read the full 2018 New River Valley Q3 Market Report.
Have questions? Want to know what this report means for you? Be sure to contact your Nest Broker today to find out how your home fits into the current market.