Welcome to the Roanoke 2023 Mid-Year Report.
The question is still on many people’s minds as to whether the housing market will dip in 2023, if prices will drop, or if it is still a good time to buy.
The year was off to a slower start with rates on the rise, the concern of a market shift, and inventory so low buyers have found it hard to find homes. We are now midway through 2023 and as we predicted inventory is beginning to increase slowly, as is days on the market, giving buyers more than a few minutes to decide on a home purchase. And that’s a good thing.
We are still in a seller’s market. The number of offers coming in on individual properties, however, is less than it was at the end of 2022. We believe the market overall will finish around 26% lower volume than it did in 2022, and inventory will continue to increase to a more even market for buyers and sellers. Experts still agree that owning a home is a smarter financial strategy than renting in most cases. So call your Nest agent today and let’s get started building your Nest egg!
Please find the downloadable PDF version of our full Roanoke area Mid-Year Report here: Roanoke_MYR_2023