Welcome to the New River Valley 2023 Mid-Year Report.
One of the fundamental principles of economics is the law of supply and demand, and — like most real estate markets around the country — that principle is very much at play here in the New River Valley in the first half of 2023.
The outlook at the end of last year suggested rapidly rising interest rates were going to slow what had been a once-in-a-generation real estate market. Sales and home prices were expected to fall in the first half of 2023, and home buyers would be able to breathe a bit while looking at a number of homes at affordable price points. While the number of sales in the first half of 2023 stabilized, and even fell off in some areas of the NRV, home prices have not followed the same trajectory. As you can see in the pages of our 2023 Nest Mid-Year Market Report, supply has remained historically low while demand has remained high, and buyers have adjusted to higher rates. The slowdown has not happened to the degree that was expected.
Rest assured your Nest brokers and agents are constantly studying changes in the market so that we can best advise you when the time comes to consider your next move. We pride ourselves on this expert knowledge, as we have since first opening our doors here in 2011, and it’s part of the fabric of who we are as a brokerage. Regardless of market conditions, we’re going to share what we know in an open, transparent way. If you have questions about this report, reach out, and let’s chirp about it. And as always, thank you for being a part of the Nest New River Valley flock.
Please find the downloadable PDF version of our full New River Valley area Mid-Year Report here: NRV_MYR_2023