The Long & Foster Market Minute

FOCUS ON: ROANOKE COUNTY AND SALEM CITY HOUSING MARKET SEPTEMBER 2024

Units Sold
186
Active Inventory
406
Median Sale Price
$293,925
Days On Market
30
Down -15%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 7%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 186 sold this month in Roanoke County and Salem City Real Estate versus 260 last month, a decrease of 28%. This month's total units sold was lower than at this time last year, a decrease of 15% versus September 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 40 units or 11%. The total number of active inventory this September was 406 compared to 366 in September 2023. This month's total of 406 is lower than the previous month's total supply of available inventory of 428, a decrease of 5%.

Median Sale Price
Last September, the median sale price for Roanoke County and Salem City Homes was $268,250. This September, the median sale price was $293,925, an increase of 10% or $25,675 compared to last year. The current median sold price is 1% 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
240
Current Contracts
224
Sold Vs. List Price
98.8%
Months of Supply
2.2
Down -6%
Vs. Year Ago
Up 13%
Vs. Year Ago
No Change
Vs. Year Ago
Up 31%
Vs. Year Ago

Months of Supply
In September, there was 2.2 months of supply available in Roanoke County and Salem City, compared to 1.7 in September 2023. That is an increase of 31% 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 240 homes newly listed for sale in Roanoke County and Salem City compared to 255 in September 2023, a decrease of 6%. There were 224 current contracts pending sale this September compared to 199 a year ago. The number of current contracts is 13% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Roanoke County and Salem City was 98.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 30, higher than the average last year, which was 28, an increase of 7%.

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.