New River Valley 2022 Mid-Year Report

Welcome to the New River Valley 2022 Mid-Year Report.

It seems that for the last two years all we’ve been able to say in these market reports has been, “it was once again a wild seller’s market.” And the truth is, for the first half of 2022, it would be easy to default to that once again.

But that would miss the real story, because it appears the wild ride buyers and sellers have been on for the last two years is coming to a slow and steady end. As rising interest rates are doing what they are designed to do—slow the market—opportunities are beginning to present themselves to buyers who have stayed in the market. And that’s a good thing.

That doesn’t mean opportunities don’t exist for sellers as well. We continue to see sale prices exceeding list prices in several locales, so some sellers are still seeing strong demand for their properties. Just as important, however, is that buyers who have hung in through an extraordinary market swing are seeing less competition than in previous months.

NRV MYR 2022 graphic

 

As we wrote in our 2021 Mid-Year Report, “The market we’re seeing in the New River Valley will not continue this way forever…there are signs of supply and demand nearing equilibrium.”

Turns out we were right on that one, although none of us expected the slow down to be as swift as it’s been. Just as the market took off like a Space X rocket in 2020, it has slowed down just as quickly. Our local and national forecasts continue to suggest a new plateau is on the horizon.

Whether you’re a past, present, or perhaps future Nest client, we thank you for sharing the ride with us. Since 2011 we’ve been doing our best to bring you our expert market interpretations so that you can make the best decision for you when it comes to buying or selling real estate in the New River Valley. To say the last two years have been a challenge in reading the market and providing that advice is an understatement, but you’ve continued to turn to us, support us, and refer us to your family and friends. We’re forever grateful for that.

From all of us here at Nest New River Valley, we’re thankful for you. Welcome to our flock.

Please find the downloadable PDF version of our full New River Valley area Mid-Year Report here: NRV_MidYearReport_2022

Spread the love

Written by
Posted in New River Valley, New River Valley Market Reports
Tags:
Comments closed

Comments are closed.

Join our Newsletter

×