Roanoke Real Estate Market
The real estate market in Roanoke VA has been experiencing some good steady growth over the past few years. With a thriving economy and a low unemployment rate, Roanoke is a good place to buy a house. The consumer confidence has been high and the increase in home prices are a reflection of it. If you’re considering to sell house now Roanoke VA, it may be a good time.
Home buyers are looking to buy houses in the 150k to 250k at higher rates then other price points. These houses are getting snatched up at a great rate. The median sales price for homes in Roanoke for Jul 18 to Oct 17 was $172,600, with the last few months off 2018 is pointing to sales up even higher. Houses are selling faster than last year. The number of days on the market has also seen about a 7% decrease since last year this same time frame on the market.
This market has been a lot more affordable then other locations in Virginia. While the inventory in other major cities like in the Northern VA is struggling with light inventory and high prices, Roanoke has been enjoying a smoother pace, with affordable housing. Homes are on the market on average a little more than 100 day. Realtors aren’t expecting any reason why buyers should be worried about finding an affordable home here. Sellers also need not worry about getting offers on their house.
Indicators point to a sideways move of jobs and the economy in the near future. It’s also reporting that Roanoke has home prices are well below the income level, meaning it has affordable homes. Weather you have a house you want to sell or are looking to buy, Roanoke should be on your list. We are currently in a seller market, which means there is more demand than supply. A buyers’ market means that they are more houses for sale then the demand.
Some people are saying that 2019 you should be selling your house. It’s hard to find analyst that are predicting that this is going to be a record breaking year in the market. Real estate is cyclical and we’ve had a great rise up since the housing crash a little over 10 years ago. We are no were near a market or economy like we were in then. The economy is very strong and holds support for the currently home pricing. During the last crash banks were struggling and companies were going out of business.
It is expected the home prices and inventory are not going to make any great moves up in the near future. If you’ve bought your house in the last few years and maybe thinking about moving in another year or two, it may be best so sell your house now. We don’t have a crystal ball,(wish I did) we go by statistical day which points to a slow down.
Roanoke is a great place to live or invest in. The real estate market here isn’t going away anytime soon. So no matter if you want to buy or sell now, Roanoke VA is a great place to be.