“How’s the New River Valley real estate market?” It’s the question everyone seems to want to know, and in particular now that we’re
weeks months into a global pandemic. Now, however, it’s asked with a grimace, as if people have expected the market to have fallen off a cliff. Truthfully? In March, when states started to shut things down and it was becoming clear that the United States had a colossal problem at its doors, I expected the same thing.
I’m happy to report that, as of now, the real estate market in the NRV is alive and well. Two data points to consider:
- in April 2020, 49% of the homes that came on the market in the New River Valley were under contract by the end of the month.
- in May 2020, 45-49% of the homes that came on the market in the New River Valley were under contract by the end of the month (some of the data is still changing, so the final tally isn’t quite nailed down yet).
Translation? People are still buying homes in the NRV. People are still listing homes, albeit about 25% off of previous years, and that’s creating some supply and demand issues. Banks are still lending money. It is not a healthy market – don’t let anyone tell you otherwise. We have low supply, and demand is high, leading to buyers competing, and prices becoming inflated. But the real estate market has not fallen off the proverbial cliff, either.
I won’t pretend to say “it’s a great time to buy or sell!” I’ll never say it. I WILL say “it depends” – and then we’ll talk about it. I also won’t say that what we’re seeing in the midst of 2020 (are we done with this year, yet?) is “normal”, by any means, and likely to continue – I simply don’t know.
So how’s the NRV real estate market? It depends. Are you buying or selling?
Updated 6/15/2020 – Our monthly report looking at the New River Valley MSA is out, and can be found here.