The Roanoke Valley real estate market is slow. There is no doubt about that. Some well known agents who typically represent high class homes and mansions are taking listings for under $100k. That says a lot. To me it says that this is what is selling right now: smaller and cheaper homes. Now with thebproposed $8000 tax credit just for first time buyers the number of smaller home sales is likely to increase. The amount of foreclosures is steadily increasing while over all home prices are steadily decreasing not, however, at the same rate as the national average. Roanoke has done a good job of holding on to it's values. The average home price in Roanoke for 2008 was near $200,000 and was actually up from 2007! Now I don't want to give false hope. Consumer confidence is low and jobs are being slashed bybthe hundreds. This is keeping even well qualified and secure buyers on the fence which in turn continues to drive down prices. The effect of this will be seen in the average home price for 2009 which I expect to see go down to the mid $190,000's. That's not too bad considering what has been happening elsewhere in the country.
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