The Long & Foster Market Minute

FOCUS ON: ROANOKE CITY HOUSING MARKET MAY 2024

Units Sold
117
Active Inventory
132
Median Sale Price
$222,400
Days On Market
25
Up 4%
Vs. Year Ago
Up 26%
Vs. Year Ago
No Change
Vs. Year Ago
Down -4%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 117 sold this month in Roanoke City Real Estate versus 93 last month, an increase of 26%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 27 units or 26%. The total number of active inventory this May was 132 compared to 105 in May 2023. This month's total of 132 is lower than the previous month's total supply of available inventory of 136, a decrease of 3%.

Median Sale Price
Last May, the median sale price for Roanoke City Homes was $222,500. This May, the median sale price was $222,400, which is similar compared to a year ago. The current median sold price is 3% 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
144
Current Contracts
133
Sold Vs. List Price
99.8%
Months of Supply
1.1
Up 23%
Vs. Year Ago
Up 23%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Up 20%
Vs. Year Ago

Months of Supply
In May, there was 1.1 months of supply available in Roanoke City, compared to 0.9 in May 2023. That is an increase of 20% 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 144 homes newly listed for sale in Roanoke City compared to 117 in May 2023, an increase of 23%. There were 133 current contracts pending sale this May compared to 108 a year ago. The number of current contracts is 23% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Roanoke City was 99.8% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 25, lower than the average last year, which was 26, a decrease of 4%.

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.