Roanoke Valley Housing Market Data

There was an increase in total units sold in August, with 309 sold this month in Roanoke Valley Real Estate versus 291 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 25% versus August 2022.

Versus last year, the total number of homes available this month is higher by 53 units or 13%. The total number of active inventory this August was 472 compared to 419 in August 2022. This month's supply remained stable as compared to last month.

Last August, the median sale price for Roanoke Valley Homes was $270,000. This August, the median sale price was $275,000, an increase of 2% or $5,000 compared to last year. The current median sold price is 7% lower than in July.

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

In August, there was 1.5 months of supply available in Roanoke Valley, compared to 1.0 in August 2022. That is an increase of 50% 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.

This month there were 396 homes newly listed for sale in Roanoke Valley compared to 380 in August 2022, an increase of 4%. There were 346 current contracts pending sale this August compared to 371 a year ago. The number of current contracts is 7% lower than last August.

In August, the average sale price in Roanoke Valley was 99.6% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 24, higher than the average last year, which was 21, an increase of 14%.





Focus On: Roanoke Valley Housing Market			August 2023

Units Sold 309	Active Inventory 472	Median Sale Price $275,000	Days On Market 24

Down -25% Vs. Year Ago	Up 13% Vs. Year Ago	Up 2% Vs. Year Ago	Up 14% Vs. Year Ago


		Units Sold There was an increase in total units sold in August, with 309 sold this month in Roanoke Valley Real Estate versus 291 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 25% versus August 2022.
Active Inventory Versus last year, the total number of homes available this month is higher by 53 units or 13%. The total number of active inventory this August was 472 compared to 419 in August 2022. This month's supply remained stable as compared to last month.
		Median Sale Price Last August, the median sale price for Roanoke Valley Homes was $270,000. This August, the median sale price was $275,000, an increase of 2% or $5,000 compared to last year. The current median sold price is 7% lower than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 396	Current Contracts 346	Sold Vs. List Price 99.6%	Months of Supply 1.5

Up 4% Vs. Year Ago	Down -7% Vs. Year Ago	No Change Vs. Year Ago	Up 50% Vs. Year Ago


		Months of Supply In August, there was 1.5 months of supply available in Roanoke Valley, compared to 1.0 in August 2022. That is an increase of 50% 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 396 homes newly listed for sale in Roanoke Valley compared to 380 in August 2022, an increase of 4%. There were 346 current contracts pending sale this August compared to 371 a year ago. The number of current contracts is 7% lower than last August.
		Sale Price to List Price Ratio In August, the average sale price in Roanoke Valley was 99.6% 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 24, higher than the average last year, which was 21, an increase of 14%.


	*Defined as the counties of Botetourt, Floyd, Franklin, Montgomery, and Roanoke and the cities of Roanoke and Salem in VA
	*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.
	Information 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.