NRV Real Estate News & Trends

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May 8, 2020

Largest Generation of Home Buyers

The pool of home buyers across the country has shifted over the last few years. Younger Millennials (age 22-29) made up 13 percent and older Millennials (age 30-39) made up 25 percent of the share of home buyers. Why is this important? As expected, a large portion of these Millennial's transactions were first time purchases. The features desired in a home are reflecting this shift in home buyer demographics. A large portion of these buyers avoided homes that needed renovation or had problems with plumbing or electricity. Most of the Millennials I have worked with have desired a home that was move in ready. The ones that were willing to take on a project, usually knew someone that was a contractor to help with any repairs/upgrades. 

Other features that are important to this generation are the size of the home and the type of heating and cooling. The average size home purchased is 1,850 square feet, containing 3 bedrooms and 2 bathrooms. Younger Millennials purchased townhomes at higher shares than other age groups. Older Millennials focused more on single family homes. The national trend of having children at an older age certainly plays into the change we are seeing in these statistics. Homes with a heat pump that provide forced air heating and cooling were the most desirable to this generation. Although, I have found they are willing to compromise on this feature at times and sacrifice air conditioning for a lower priced home. Heating and cooling costs were also an important consideration for my clients, resulting in oil furnaces and baseboard electric heat in homes being less desirable.

Ninety-seven percent of Millennials used online websites during their home search. Photos are the number one website feature buyers want to see when looking for property online. Professional marketing is vital to generating interest in your home when selling real estate. When listing your home with The Nolen Group, you can expect professional marketing services that highlight your homes features. Staying up to date on generational trends helps us represent our clients to the best of our ability. We are always happy to discuss specific segments of the market in more detail!

 

Source: NAR 2020 Home Buyers and Sellers Generational Trends Report

Posted in Blog Posts
Jan. 15, 2020

2019 End of Year Market Update

As expected, it was another great year for sellers across the New River Valley.  Although most segments of our market saw a rise in the number of homes sold, the days on market continued to decrease due to high buyer demand.  A decline in interest rates contributed to this sustained demand and affordability rose for many buyers.

A competitive Blacksburg market led to a year over year increase in average sales price of $24,500, an 8.5% increase. The number of units sold increased by 11.6%. Christiansburg saw its own growth with an increase of units sold of 5.6% and average sales price increase of 3%. The City of Radford had a significant inventory issue this past year. The number of units sold decreased by 30% from 2018. As a result, the average sales price increased by 14%. The surrounding NRV market stayed consistent with a slight increase in number of units sold and 5.3% increase in average sold price.

According to industry experts, another year of low inventory lies ahead of us. We expect to see continued rising prices and a competitive market for buyers. If you have been considering selling your home, it is a great time to maximize your proceeds. Strategically planning your transition to a new property will be one of the more important factors in this decision process.

We are always happy to discuss your specific market or property in further detail. Contact us at your convenience!

2019 Market Statistics

Posted in Market Updates
July 31, 2017

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates