The story remains the same. Low interest rates, high buyer demand and low inventory across the NRV fuel our sellers’ market. We are consistently seeing multiple offer situations, with contract prices well above list prices. The average list to sale price metric in Blacksburg has reached an impressive level of 101%. Christiansburg is not far behind with properties selling at an average of 99% of their list price.
The average sale price has continued to rise across all segments of the market. Christiansburg, Radford and the surrounding counties in the NRV saw a healthy rise in the number of units sold, while Blacksburg was down 8 units from this time last year. New listings to the market did not last long, as the days on market decreased in most localities. The figures showed a slight increase in the average number of days to sell a home in the Radford market, although it did not feel like it to sellers and buyers.
As expected after experiencing a global pandemic, the U.S. economy is on the verge of entering a recession (a fall in GDP in two successive quarters). Unlike the previous recession, the real estate market is poised to maintain its strength. The factors mentioned above, in addition to more conservative policies surrounding the mortgage market, have contributed to this stability. It is unlikely we will see a change until various factors adjust buyer demand and/or we see an influx of inventory introduced to the market.
We are always happy to discuss your specific market or property in further detail. Contact us at your convenience!