Welcome to the Roanoke 2021 Annual Report. At the beginning of each year, we scour the sales data and check in on how our predictions for the past year held true. We do our best to analyze and learn from the past, and prepare our clients and agents for the new year ahead.
With that, we present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Roanoke 2021 Annual Report.
We have carefully analyzed all of our 2021 sales data to bring you information on national, regional, and localized trends that matter most. Whether your 2021 was personally challenging, highly successful, or both, entering into 2022 with a clear understanding of the data can help you make the best possible decisions to achieve your real estate goals.
Last year some suggested that the real estate market in Roanoke would only get stronger over coming months due to the continuing imbalance between supply and demand. Fast forwarding to today, we can see that prediction has absolutely come true. Local news recently reported that the Roanoke Valley continues to see an increase in home sales and prices. We believe we are seeing signs that for every home listed, another one sells in the same month.
In recent years, job growth in the Roanoke region has been outpacing the entire state of Virginia on average. According to the Roanoke Regional Partnership, employment levels in the Roanoke metropolitan area recently reached 11-year highs, with most of the job gains coming from the professional and business services, education and health, leisure and hospitality, and retail and wholesale trade sectors. The Roanoke Regional Partnership recently compared housing prices in Roanoke to other cities in the U.S. and found that Roanoke has a housing cost index (HCI) of 82.2 compared to the national average of 100. Housing costs in Roanoke are more affordable than nearby Charlottesville (HCI of 116.1) and coastal cities such as Boston and San Diego, both with housing cost indexes above 200. Roanoke is rated by Forbes as one of the most affordable places for doing business in the U.S. Our city also receives high rankings for job growth and education, and is among the best places for business and careers.