New River Valley Real Estate Market Report: Mid-Year 2015

Total sales up 20%!

We’ve just released our New River Valley Mid-Year Market Report, and total sales in the New River Valley MSA are up, to the tune of 20%.  In addition, inventory is down fairly significantly (-15%) from this time in 2014, which is creating some higher demand in some sectors of the market. Here are some highlights:

New River Valley MSA

1. Total sales are up 20% from 2014. 

2. The median sales price is up slightly to $169,250, as compared to $155,000 in 2014. 

3. Single family home sales, which account for over 85% of sales, are up more than 21%.  In addition, median prices for single family homes are up nearly 11%. Demand has been high in this section.

4. Demand has been higher, and that has been reflected in the number of contracts written in the first half of 2015 – 950, an increase of more than 21%, mirroring total sales.

Town of Blacksburg

1. Total sales in the Town of Blacksburg are up 25% from 2014.

2. Town of Blacksburg Median Sales Price for single-family homes hit $300,000, the first time we’ve ever hit that marker.

3. Inventory levels are lower than historical averages at the mid-year point, dropping to 2 months of inventory.  Year-over-year inventory is down 24% in the Town of Blacksburg.

Town of Christiansburg

1. Total sales in the Town of Christiansburg are up 15% from 2014.

2. Interestingly, inventory levels made a 36% drop in 2015, compared to this time last year. Demand has not followed the inverse quite so dramatically, but it is still up.

3. Months of inventory are only 3 months, putting the Town of Christiansburg squarely in the ‘seller’s market’ category, like much of the rest of the New River Valley MSA.

For real estate market updates on Montgomery County, Floyd County, Giles County, Pulaski County, and the City of Radford, you can view the full New River Valley Mid-Year Report here.

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