What Are New River Valley Homes Selling For?

Everyone wants to know what homes are listing for (to stay current on a daily basis, follow this site), and everyone wants to cheer on the neighbor who lists their home for more money than anyone’s ever gotten in the neighborhood.  But do those high prices ever actually come to be?

Below are two screenshots from the NRVMLS – the first shows homes in Blacksburg, Christiansburg and Radford that sold between January 1 – February 28 2008, the second homes that sold during that same time period in 2009, and the third homes that sold during that same time period in 2010.

January – February 2008

Jan - Feb 2008 New River Valley real estate sale prices

January – February 2009

Jan - Feb 2009 New River Valley real estate sale prices

January – February 2010

Jan - Feb 2010 New River Valley real estate sale prices

What’s it tell us?  Well, for starters, the New River Valley real estate market as a whole is still pretty strong.  With list to sale percentages averaging roughly 97% over the last three years in what’s typically a slow time for real estate (the November through February time frame), home sellers have been able to maintain strong sales prices.  Average sale prices, however, can be swayed by a multi-million dollar sale on the high-end, or an inexpensive sale on the low-end, and so median sales prices might be an even better barometer of strength in the market … In 2008, the median sales price for the first two months of the year was 95.6%.  The following year it climbed to 96.9% during that same time period, and in 2010 the median sales price in Blacksburg, Christiansburg and Radford was 99.9% of the list price.

While buyers certainly have their choice of options available to them when it comes to housing in the New River Valley, the statistics are showing that, even in the slow times of the year, sellers are still getting their asking prices.  Looking forward to seeing if that continues through the year.

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