The Long & Foster Market Minute

FOCUS ON: ROANOKE VALLEY HOUSING MARKET MAY 2024

Units Sold
362
Active Inventory
534
Median Sale Price
$315,000
Days On Market
31
Up 10%
Vs. Year Ago
Up 36%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 15%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 362 sold this month in Roanoke Valley Real Estate versus 314 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 10% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 140 units or 36%. The total number of active inventory this May was 534 compared to 394 in May 2023. This month's total of 534 is higher than the previous month's total supply of available inventory of 470, an increase of 14%.

Median Sale Price
Last May, the median sale price for Roanoke Valley Homes was $291,500. This May, the median sale price was $315,000, an increase of 8% or $23,500 compared to last year. The current median sold price is 5% 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
492
Current Contracts
377
Sold Vs. List Price
98.9%
Months of Supply
1.5
Up 20%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 23%
Vs. Year Ago

Months of Supply
In May, there was 1.5 months of supply available in Roanoke Valley, compared to 1.2 in May 2023. That is an increase of 23% 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 492 homes newly listed for sale in Roanoke Valley compared to 410 in May 2023, an increase of 20%. There were 377 current contracts pending sale this May compared to 362 a year ago. The number of current contracts is 4% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Roanoke Valley was 98.9% of the average list price, which is 1.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 31, higher than the average last year, which was 27, an increase of 15%.

The Long & Foster Market Minute *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.
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.