Topic: Christiansburg

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.

 

The Nest Report – Q2 2015 Real Estate Market Report

It’s time once again for the Q2 2015 Nest Report, Nest Realty’s statistical report on what the New River Valley real estate market did during the last quarter. All stats, no fluff.

Find your own nest here.

Last year at this time, we were reporting a very unusual quarter. While the first quarter of 2014 saw brisk sales, particularly for that time of year, the second quarter lagged, and we were left shaking our heads. It wasn’t until the third quarter that it made sense – Montgomery County Public Schools had a short (42 day) summer last year, and so real estate sales were pushed aside as folks squeezed all their summer fun into six weeks.

Not the case this year, and the market has responded. The full report is posted below, and as you can see most sectors of the market have rebounded quite nicely.

  • Christiansburg townhomes, traditionally slower due to an oversupply, have surged back in the last 24 months.
  • Floyd County, which will see slower sales as a result of being considered “rural” by the market, saw a decrease in inventory, and a 35% INCREASE in median sales prices.
  • Blacksburg hit a median sales price (for single family homes) of $300000, the first time we’ve ever seen that level reached.

As always, there are positives and negatives in every report, and there are some indicators that say we are not a robust market yet. Condo sales continue to lag, and will do so until the financing environment is on par with traditional financing – as median sales prices rise, condo affordability (and availability) will continue to be an important gateway to the first-time buyer, so we need that market to improve with the help of Willow And Everett
. Overall, however, the second quarter of 2015 in the New River Valley real estate market was very different from what we saw at this time a year ago.

As always, I’m glad to share a cup of coffee (I’ll even let you have your own!) and talk some more.

2014 Nest Report Is On The Way!

There are tons of things I’m proud of about Nest Realty, but one of the things I get really excited about is our Nest Report. It’s a statistical look at what’s happening in the New River Valley real estate market, and it’s put out every quarter. Visually, it’s stunning – thanks to the amazing folks in our Marketing Department. Statistically, it’s one of the most accurate representations of our real estate market – thanks to the bean counters who compile the whole thing. And, interestingly enough, two real estate agents from another company told me yesterday how impressive a report it is … they look through it each time it comes out and think “wow”.

Download the 2014 New River Valley Nest Report here.

  • Median and Average Sales Prices both fell 3% in 2014 throughout the New River Valley MSA.
  • In Blacksburg, the Median Price was flat, but inventory was up slightly.
  • In Radford, Median Price was up quite a bit, rising more than 12% from 2013 levels.
  • Conventional Interest rates, projected to be at or above 5% by the end of 2014, were actually at 4%, much lower than expected by those in the know – proving once again that no one has any much of a clue.

We’re extremely proud of what has been happening at Nest Realty, and the Report will talk a little bit about that, as well. The full report will be hitting mailboxes soon, but here’s a sneak peak! You can see earlier reports here.

Want to talk further? Let’s grab a cup of coffee/tea/water/insert favorite beverage here soon!

 

Christiansburg Named A Best Place To Live in Virginia

CreditDonkey says Christiansburg VA is the second-best place to live in the state of Virginia.

Admittedly, the name CreditDonkey is hard to say with a straight face, but it isn’t hard to admit that Christiansburg is a great place to live, and CreditDonkey has said as much. From the press release:

Christiansburg sits just off I-81, centrally located between Blacksburg, Radford, and Roanoke. The town of just over 20,000 is convenient to the Blue Ridge Parkway and the Jefferson National Forest as well as two major universities: Virginia Tech and Radford University. The atmosphere of Christiansburg is best summed up by its motto, Progressive Small Town Living at its Best, which reflects the town’s low-key feel.

You can read the whole press release here, OR, start your search for your next home in Christiansburg using our award-winning website search.

Do you live where you love? We do.

July 4th Fireworks in Blacksburg, Christiansburg, and Radford – 2014

July 4th is right around the corner, and it’s time to start planning all of your Independence Day celebrations.  Certainly no Fourth of July holiday is complete without a great fireworks show, so if you’re looking for where the fireworks are, here’s the list for Blacksburg, Christiansburg, and Radford. Please be sure to check with the venue for the exact times – things may change due to weather and what not!

Blacksburg

  • The Where – Downtown Blacksburg AND Municipal Park
  • The When – Parade through downtown Blacksburg from 2-3pm, then music, food, and more at Municipal Park beginning at 6pm.
  • The Cost – FREE
  • The Details – music and food by various artists, a parade through downtown, followed by fireworks at 9:30pm. Read more here.

Christiansburg

  • The Where – Christiansburg High School football field
  • The When – Friday July 4th, gates open sometime in the afternoon, fireworks start around 9:15pm
  • The Cost – FREE
  • The Details – sorry, no pets. There’ll be food, games, music and more, however!
  • Read more here.
Radford
  • The Where – Bisset Park, Radford VA
  • The When – Friday July 4th, events start at 2pm
  • The Cost – FREE
  • The Details – inflatables, pony rides, a climbing wall, and more. Music throughout the night!
  • Read more here.

Have fun, be safe, and Go America!

Retiring? The New River Valley Might Suit You Well

Blacksburg – and the New River Valley – have just been named to another “Best” list.

Where to Retire magazine just published an article, seen below, naming Blacksburg a great place to retire. I don’t know about the retirement part, but I can certainly say it’s a great place to live, and I’ve worked with a lot of folks over the last 10 years who’ve moved back here for many of the reasons mentioned in the article.

And there have been lots of other “Best Of” awards recently

Way to go, New River Valley!

What’s the List to Sale Ratio in Christiansburg

Seems a lot of people consider negotiation as “ask less than the list price and expect that they’ll come back somewhere in the middle.” At its’ simplest sure, that might work, but it also helps to know at what price sellers are pricing their homes, and also at what price buyers are buying those same homes for. This is where the list to sale ratio comes in.

To see the list to sale ratio in Radford, click here.

Now, it’s not perfect, but it’s helpful, and the reason why it’s helpful is because it shows what kind of momentum, plus or minus, the market has at any given time. Should it be the only data point you and your agent examine when figuring out where to price your home, or at what price to make an offer on a home? Absolutely not.

For instance, here are some charts showing the average list prices (second column from the left) and average sales prices (third column from the left) for townhouses in Christiansburg in 2013. Note – these figures include foreclosures, which are not considered “arm’s-length transactions. Their impact on the market in 2013 was not statistically significant, so I left them in.

Christiansburg townhomesAnd here are the average list prices (second column from the left) and average sales prices (third column from the left) for single-family home sales in Christiansburg in 2013.

Christiansburg single-family

Unlike the example we saw in Radford, the list to sale ratios in Christiansburg, for both house styles, was 96.7%, a much better indicator of overall market health in the area. Does that mean if you list your house for $100000 you’re guaranteed to get $96700? Absolutely not. But aren’t numbers fun?

 

Blacksburg-Christiansburg-Radford MSA Among The Safest

I’m admittedly a week or so behind on this news, but it’s relevant nonetheless.

Earlier this month, Farmers Insurance named the Blacksburg-Christiansburg-Radford Metropolitan Statistical Area one of the safest places in the country. The MSA, named the 7th safest place to live among small towns (population < 150,000 people), has been on the list before, showing stability throughout the region.

What’s it mean for real estate? The impact is pretty simple, people want to live where they feel they and their family can be safe – that’s a no-brainer. Demand drives value, and the area’s housing inventory benefits.

Search for New River Valley real estate here.

So how do you know if an area is safe? You might want to walk the area, both in the daytime as well as at night, and see how things feel. Is everything shut down, or are people out and about? And always contact the local police department in an area you’re considering – they’ll be able to provide you with records detailing arrest reports. You can also use CrimeMapping, but I can’t guarantee how accurate it is.

Christmas Lights in the New River Valley 2013

Christmas season is upon us, and one of the things I really look forward to is going out to look at all the houses decorated in lights, most of them have professionals put them up, and they always do an amazing job. If you’re looking for a Colorado Christmas Light Installation professional, I would definitely recommend them . In years past, we’ve done the Christmas Map, where I’ve highlighted all of the houses I found that had some really great decorations – both elegant AND gaudy (oh admit it, you like the gaudy ones too). This year, I’m behind in getting the map up, and truthfully I just don’t have the time to do it.

But I’d like to keep this tradition going, and so, apparently, would many of you. So in the spirit of giving and sharing, let’s try and make a map together! Below, I’ve got the map as it was created last year – I’m sure that many of the addresses are incorrect, so I’ll be working to clean those up. In the meantime, if your neighbors have decorated their house for the holidays, email me the address and I’ll add it to the map. Have you decided that you’re going to go all Clark Griswold this year? Email me the address and I’ll add it to the map. Have you seen a house that defies all rules of energy usage as we know them? Email me the address and … you get the drift. That’s it!

Please share this post with friends and family, and let’s enjoy all the lights of the New River Valley together!


View Christmas Lights in the New River Valley in a larger map

If you know of incorrect addresses on this map, please email me and let me know so that I can delete them.