10-Year Growth Report in Blacksburg

Dusting off the blog a bit … been a while since I’ve posted here. The title of this post … snooze, right? But I promise it’s a little more interesting than that.

On Tuesday, I had the opportunity to speak with Bethany Teague, of WSLS, about a report the Town of Blacksburg had released earlier in the day. The report discussed how property values in Blacksburg – as well as in Montgomery County – had increased over the last decade, and highlighted some of the developments that have contributed the most to the Town’s tax base over that time.

The fact that property values in Blacksburg have increased so dramatically is really no surprise to anyone who’s followed real estate here for the last 10/20/30 years. Blacksburg has for many years had the highest median home values in the New River Valley, and much of that has to do with the solid foundation that Virginia Tech brings to the region. What I was suggesting in the clip above was that, while rising property values are certainly good for current homeowners, one thing that’s been a continuous theme among home buyers is that Blacksburg is sometimes out of reach for buyers looking to get into the market. Blacksburg may be at the epicenter of rising home values, but areas throughout the NRV – areas like Christiansburg, and Montgomery County in general – have also benefited, as well. You can see our previous market reports here.

One of the things that makes our real estate market unique in Blacksburg is that a town of ~ 50,000 people, with half of those residents living here only seasonally (and usually not buying houses, either), continues to stay strong. For “fun” (since I geek out on this stuff), I ran a quick search of median real estate sales figures for Blacksburg over the last ten years, and have posted those below.

YearMedian Sales PricePercentage Change
2005$213,097-----
2006$231,0167.8%
2007$234,8141.7%
2008$242,0193%
2009$230,460-4.8%
2010$243,6555.5%
2011$228,736-8.2%
2012$232,1031.5%
2013$253,8778.6%
2014$234,563-7.7%
2015$255,0488.1%

While sales figures in Blacksburg ARE higher than other areas of the New River Valley, one of the things that gets overlooked is that our tax rates are still relatively affordable. When compared to other regions of the country, which may see tax rates swing as much as 60% from one municipality to an adjacent municipality, the New River Valley continues to be one of the most affordable – and wonderful – places to live.

Thanks to WSLS for reaching out, and to the Town of Blacksburg for the report. If you’d like to read the Town’s report, you can do so here.

 

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