2019 is now over and we are excited to release our 2019 Roanoke Annual Report. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.
Hello Roanoke Valley!
Nest Realty is pleased to present our 2019 Nest Annual Report. We put together this report to provide you insights on market trends overall as well as some of our key areas so you can make informed decisions regarding your real estate investments. The one word to describe the current real estate market in Roanoke is STRONG!
Inventory is low, and coupled with historically (still) low interest rates, homes in move-in ready condition which are priced effectively are moving quickly.
We also wanted to share some information about many of our local favorites. We strive to give you an overview of what you can get for your money in each area and compare this across several Nest areas. We hope our first Annual Report gets you thinking about all the ins and outs of the local market and some wonderful local spotlights. Have questions? Great, Nest is ready to be your local housing market expert!
On a national level, as 2019 information continues pouring in, here are some housing market trends. The most compelling shift is in housing affordability. Low inventory has caused home prices to increase throughout the year, but the actual affordability of homes has improved due to changing real wages and lower interest rates. Though low inventory continues to stifle sales volume growth, year over year sales are increasing based on slight supply increases throughout the U.S.
- Total sales stayed relatively flat year-over-year across the Roanoke MSA last year. Total sales were 4,380, a 0.21% increase from 2018, when there were 4,371 total sales.
- The median sales price in 2019 was $185,714, a 4.33% increase over 2018’s median sales price of $178,000.
- In the Roanoke MSA, average days on market dropped 11.21% to 95. The City of Roanoke Northeast had the lowest average days on market within the Roanoke MSA at 74 days.
Be sure to check out the full 2019 Roanoke Annual Report here for more info on how the market performed last year. Have questions? Contact your Nest Broker today to find out what this report means for you and to discuss your real estate goals. Interested in what’s happening in other markets? Check out all our 2019 Annual Reports here.