We’re not calling the end of any real estate troubles here in the New River Valley, but we’re continuing to see the trends we want to see that indicate a healthier real estate market. Slow and steady has been the mantra for some time now, and we will continue that into 2013. But after a year of studying the numbers here in the NRV, we think real estate is poised to do some positive things. Consider that for the year, we saw a:
- 4.38% increase in median sales prices
- 19.10% decrease in year-end months of inventory (and down 38% from 2010)
- 3% decrease in cumulative Days On Market (DOM) for sold homes
We’re getting somewhere. And if demand stays high while inventory stays – relatively – low, we should be on stable footing for 2013. You can read the entire report below, or download it as a PDF here.