The Long & Foster Market Minute

FOCUS ON: FRANKLIN COUNTY HOUSING MARKET SEPTEMBER 2024

Units Sold
45
Active Inventory
171
Median Sale Price
$405,000
Days On Market
51
Up 7%
Vs. Year Ago
Up 28%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 96%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 45 sold this month in Franklin County Real Estate versus 47 last month, a decrease of 4%. This month's total units sold was higher than at this time last year, an increase of 7% versus September 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 37 units or 28%. The total number of active inventory this September was 171 compared to 134 in September 2023. This month's total of 171 is higher than the previous month's total supply of available inventory of 168, an increase of 2%.

Median Sale Price
Last September, the median sale price for Franklin County Homes was $444,925. This September, the median sale price was $405,000, a decrease of 9% or $39,925 compared to last year. The current median sold price is 4% higher than in August.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
84
Current Contracts
57
Sold Vs. List Price
97.7%
Months of Supply
3.8
Up 22%
Vs. Year Ago
Up 63%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Up 19%
Vs. Year Ago

Months of Supply
In September, there was 3.8 months of supply available in Franklin County, compared to 3.2 in September 2023. That is an increase of 19% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 84 homes newly listed for sale in Franklin County compared to 69 in September 2023, an increase of 22%. There were 57 current contracts pending sale this September compared to 35 a year ago. The number of current contracts is 63% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Franklin County was 97.7% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 51, higher than the average last year, which was 26, an increase of 96%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by Information included in this report is based on data supplied by the Roanoke Valley Association of REALTORS (RVAR) and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace as some brokerages choose not to provide transaction information. This may result in an understatement of completed sales and available listings. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of RVAR or Long & Foster Real Estate, Inc. or Long & Foster Real Estate, Inc.