The Long & Foster Market Minute

FOCUS ON: ROANOKE COUNTY HOUSING MARKET MAY 2024

Units Sold
121
Active Inventory
161
Median Sale Price
$364,950
Days On Market
27
Up 27%
Vs. Year Ago
Up 35%
Vs. Year Ago
Up 14%
Vs. Year Ago
Up 8%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 121 sold this month in Roanoke County Real Estate versus 100 last month, an increase of 21%. This month's total units sold was higher than at this time last year, an increase of 27% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 42 units or 35%. The total number of active inventory this May was 161 compared to 119 in May 2023. This month's total of 161 is higher than the previous month's total supply of available inventory of 122, an increase of 32%.

Median Sale Price
Last May, the median sale price for Roanoke County Homes was $320,000. This May, the median sale price was $364,950, an increase of 14% or $44,950 compared to last year. The current median sold price is 7% higher 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
188
Current Contracts
134
Sold Vs. List Price
98.8%
Months of Supply
1.3
Up 38%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -2.1%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 1.3 months of supply available in Roanoke County. The amount of supply is similar compared to 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 188 homes newly listed for sale in Roanoke County compared to 136 in May 2023, an increase of 38%. There were 134 current contracts pending sale this May compared to 116 a year ago. The number of current contracts is 16% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Roanoke County was 98.8% of the average list price, which is 2.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 27, higher than the average last year, which was 25, an increase of 8%.

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.