Median Sale Price Increases in Areas of the Southwest Virginia Market in February 2014

March 31, 2014

Market Minute LogoThe Southwest Virginia real estate market continued to experience some positive trends compared to February of last year, according to The Long & Foster Market Minute reports. The median sale price increased in some areas of the region versus year-ago levels, which includes Bedford, Botetourt, Franklin and Roanoke counties, as well as the city of Roanoke.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Feb. 2014 Market Minute Chart

The median sale price increased in some areas of the region, including by a significant 63 percent in Franklin County. Roanoke City and Roanoke County also saw increases, at 29 percent and 4 percent, respectively. Botetourt County experienced a decrease of 14 percent, while Bedford County saw an 18 percent decrease in median sale price.

Compared to last February, active inventory continued to decline or stay low throughout the region. Inventory decreased by 18 percent in Roanoke City and 10 percent in Franklin County. Roanoke County saw an 8 percent decrease in active inventory levels, while Botetourt and Bedford counties experienced increases of 1 percent and 3 percent, respectively.

The number of homes sold in February decreased in most of the Southwest Virginia region compared to February 2013. Though the city of Roanoke saw no change in the number of units sold, other areas experienced decreases from 6 percent to 32 percent.

Homes in some areas of the Southwest Virginia market are selling at a steady pace. In Roanoke County sellers are seeing a days on market (DOM) average of 67 days, and those in Roanoke City are seeing a DOM average of 97 days. DOMs in other areas range from 100 days to 145 days.

“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Southwest Virginia region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant market.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

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