The Long & Foster Market Minute

FOCUS ON: BOTETOURT COUNTY HOUSING MARKET MAY 2024

Units Sold
29
Active Inventory
55
Median Sale Price
$360,000
Days On Market
32
Down
Vs. Year Ago
Up 25%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -24%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 29 sold this month in Botetourt County Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 11 units or 25%. The total number of active inventory this May was 55 compared to 44 in May 2023. This month's total of 55 is higher than the previous month's total supply of available inventory of 40, an increase of 38%.

Median Sale Price
Last May, the median sale price for Botetourt County Homes was $369,950. This May, the median sale price was $360,000, a decrease of 3% or $9,950 compared to last year. The current median sold price is 19% lower than in April.

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


New Listings
42
Current Contracts
25
Sold Vs. List Price
97.5%
Months of Supply
1.9
Down -7%
Vs. Year Ago
Down -40%
Vs. Year Ago
Down -1.7%
Vs. Year Ago
Up 86%
Vs. Year Ago

Months of Supply
In May, there was 1.9 months of supply available in Botetourt County, compared to 1.0 in May 2023. That is an increase of 85% 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 42 homes newly listed for sale in Botetourt County compared to 45 in May 2023, a decrease of 7%. There were 25 current contracts pending sale this May compared to 42 a year ago. The number of current contracts is 40% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Botetourt County was 97.5% of the average list price, which is 1.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 42, a decrease of 24%.

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.