Fall is here which means the leaves are turning maroon and orange and the third quarter has come to a close. Here at Nest, that also means we are excited to release the Q3 2017 New River Valley Nest Report. The market’s performance this past quarter was consistent with the trends we experienced in the first half of the year. The most influential trend we continue to experience is declining inventory levels. Across the region, inventory levels have been significantly lower this year than in 2016. Lack of inventory is not just a local issue, but is being experienced in markets across the country.
Depressed inventory levels have impacted our market in two primary ways. The first being constraining total sales and the second being rising prices. Certain pockets of our market experienced year-over-year increases in sales this past quarter, but others experienced significant declines as a result of declining inventory. Depressed inventory levels has also led to rising prices throughout the region with the largest spikes experienced in the highly sought after Town of Blacksburg. With fewer homes available for sale, we are seeing the basic principles of supply and demand at work with sellers being able to command higher prices.
Continue reading for highlights from the third quarter performance in the New River Valley and be sure to read the full Q3 2017 New River Valley Nest Report to learn more about the Blacksburg, Christiansburg, Floyd, Giles, Pulaski, and Radford.
New River Valley MSA
- Months of inventory fell to 4.66 which positions the market in favor of sellers.
- Total sales increased 3% year-over-year.
- Median sales prices from $174,000 in Q3 2016 to $180,000 in Q3 2017.
Town of Blacksburg
- Inventory levels declined 38% year-over-year.
- Number of contracts written increased 11% year-over-year.
- Average days on market dropped to 33 days.
Town of Christiansburg
- Total sales increased 17% year-over-year which is the largest increase of any area in our region.
- Median sales prices increased 12% compared to Q3 2016.
- Total inventory decreased 27% year-over-year.
Have questions? Contact your Nest broker today to learn more and find out what this report means for you.