Roanoke Valley Market Update – December 2024

Key Market Trends:

🏡 Homes Sold: 386 (⬆️ 9%) – Sales activity remains strong, showing continued demand in the market.

📉 Homes Under Contract: 314 (⬆️ 9%) – Buyers are staying active, leading to steady contract activity.

💰 Average Sold Price: $378,585 (⬆️ 17%) – Home values have jumped significantly, a great sign for sellers.

📈 Median Sold Price: $307,700 (⬆️ 21%) – A sharp increase, reinforcing the market’s long-term appreciation.

🏠 New Listings Added: 309 (⬇️ 5%) – Fewer homes are hitting the market, which could drive competition among buyers.

📊 Total Housing Inventory: 760 (⬆️ 8%) – More available homes than last year, giving buyers additional options.

What Do These Numbers Mean for You?

🔹 If You’re Thinking About Selling: With home prices rising and inventory still relatively tight, now is a great time to list. Buyer demand is holding strong, but with fewer new listings, well-priced homes are selling quickly.

🔹 If You’re Looking to Buy: Prices are on the rise, but inventory has also increased slightly, meaning more options for buyers. Acting quickly will be key as competition remains strong, and waiting could mean paying more down the road.