The greater Roanoke real estate market continued to experience some positive trends compared to January of last year, according to The Long & Foster Market Minute® reports. Median sale prices increased versus year-ago levels throughout the region, 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.
Median sale prices increased throughout the Roanoke region, including by 26 percent in Franklin County, 22 percent in Bedford County and 21 percent in Roanoke City. Botetourt County experienced an increase of 16 percent, while Roanoke County saw a 4 percent increase in median sale price.
Compared to last January, active inventory continued to decline throughout most of the region. Inventory decreased by 14 percent in Roanoke City and 10 percent in Roanoke County. Bedford County saw a decrease of 2 percent, while Franklin County saw a 1 percent decrease. Botetourt County experienced no change in active inventory levels.
The number of homes sold in January varied throughout the Roanoke region compared to January 2013. Franklin County saw a 9 percent increase in the number of homes sold, and Bedford County saw a 5 percent increase. Roanoke City saw a small decrease of 1 percent, while Botetourt and Roanoke counties experienced decreases of 10 percent and 11 percent, respectively.
Homes in some areas of the Roanoke market are selling at a steady pace. In Roanoke City, sellers are seeing a days on market (DOM) average of 75 days, and those in Roanoke County are seeing a DOM average of 84 days. DOMs in other areas range from 105 days to 217 days.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Roanoke region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold dropped, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring 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.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.