All things considered we’re moving in the right direction, but there is always still work to be done. Interest rates are one piece of the puzzle, but expect to see those continue to rise; despite that increase, we’re anticipating we’ll see a relatively stable market through most product types for the foreseeable future.
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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.