What is the current state of the housing market in Roanoke, Virginia, in 2014? What can we expect from the Roanoke real estate market going forward? Is it a good time to buy a house, or to sell one? These are some of the most common questions we receive from local residents. This page offers a summary of current real estate conditions in the Roanoke Valley, as well as some broader housing market predictions for 2014. To create this resource, we have gathered information from a wide variety of sources.
Roanoke Real Estate Market Conditions in 2014
Each month, Realtor.com publishes a monthly housing report with data for 146 major metropolitan areas across the U.S. The Roanoke Valley real estate market is included in the report. Here are some highlights from the latest summary, published at the beginning of July.
- The median list price rose 8% over the last year or so. (Notes: This is the midpoint for asking prices, for homes that are listed for sale across the Roanoke Valley).
- Total listings fell by 14% over the last year or so, signalling a decline in inventory. (Notes: This is the total number of homes listed for sale on Realtor.com.)
So what do these trends tell us about the Roanoke real estate market in 2014? It seems as though the forces of supply and demand are finally putting upward pressure on home prices. Consumer confidence has returned to the housing market. More people are in the market to buy, but there are fewer homes compared to last year (according to Realtor.com). So prices have risen.
Zillow: Home Prices in Roanoke Up 7% Over the Last Year
According to the real estate information service Zillow, home prices within the Roanoke housing market have risen 7.2% over the last year or so. When measured last, the median house value in this area was $139,400 — 7.2% higher than the same time last year.
Note the difference here between median home values (actual prices) versus the median list (asking) prices mentioned earlier. They are two different metrics. The good news, from a market stability standpoint, is that both numbers have risen over the last 12 months or so. This bodes well for the Roanoke real estate market in 2014. After years of flat or declining home values, it’s nice to see some positive numbers for a change.
Housing Predictions for 2015 and Beyond
In addition to tracking historic trends, Zillow’s economists have also made a few predictions for the Roanoke real estate market in 2015. One of those predictions has to do with house values and is based on their proprietary Zillow Home Value Index (ZHVI). According to their current forecast, they expect to see a 2.8% increase in values within the next year. That’s a welcome change from the negative trends we’ve seen over the last few years.
Disclaimers: This real estate guide uses data from third parties that are deemed reliable but not guaranteed. It also contains forward-looking statements about home prices, home sales, and other aspects of the Roanoke, Virginia housing market. Such statements are the equivalent of an educated guess and should not be considered financial advice. We have made every effort to provide a thoroughly researched and well-rounded summary of the Roanoke real estate market in 2014. But no one can accurately predict future housing trends or conditions. Thus, we make no guarantees or assertions where such conditions are concerned. In short, this article is meant to provide a general overview — not specific advice. If you need help buying or selling a home in the Roanoke Valley housing market, please contact Jim or Renee.