The first quarter of 2017 has come and gone and we are excited to release the Q1 2017 New River Valley Nest Report. So far in 2017 we are continuing to see many of the trends we witnessed in 2016. Inventory levels continue to decline and remains limited. This has resulted in an upward swing in prices and constrained sales in the first quarter. Current market conditions strongly favor sellers and buyer demand remains strong which should inspire confidence in those considering selling this year.
Continue reading for the highlights from this past quarter and be sure to read the full report here.
New River Valley MSA
- Inventory levels declined 10% year-over-year.
- Median sales price increased by $9,500 to $169,450.
- Contract activity increased by 13% compared to Q1 2016.
Town of Blacksburg
- Total sales declined 7% year-over-year.
- There were just 2 months of inventory at the end of the quarter.
- Median sales price rose more 33%, the largest increase of any area in our market.
Town of Christiansburg
- Total sales increased 15% year-over-year, the largest increase of any area in our market.
- Contract activity increase by 22% compared to Q1 2016
- Average days on market dropped to 96 days.
For more information on how our local real estate market performed this past quarter including Floyd, Giles, and Pulaski counties and the City of Radford, be sure to check out the full Q1 2017 New River Valley Nest Report.
Have questions? Contact your Nest Broker today to learn more and find out what this report means for you.