Low inventory of houses on the market means slim pickings for buyers. Trends have indicated that the turnover rate is fast meaning quick sales but that also shows that a high amount of people want to live in the New River Valley area. With the large amount of individuals purchasing homes the overall value of houses being sold has risen. Summer beginning typically means that the housing inventory will be consistently low during this season, though some forecasters are optimistic for summer 2017. The following information will go more in detail of Radford’s current housing market.
The month of May brought in a total of 75 homes for sale in Radford. There has been a -29.2% change when comparing the number to May 2016 with 106 homes. The overall inventory is lower than last year which could be caused by the increase of employment opportunities in the area. For those looking to sell, this is great news because less homes on the market means you will have an easier time finding a buyer, to get your home sold fast!
The New River Valley area provides buyers with a plethora of housing, neighborhood and community options. Whether a buyer is looking for a small condo or a four-bedroom house with land, Radford has it. Median sales price in May 2017 was $153,000, an increase since May 2016 when the median was 132,000. This 25.4% increase in price is due to the high demand of property in the New River Valley. With this high percentage increase in median sales price, your home may be worth more than you think. Curious how much it’s worth? Shoot us an email.
The percent of list price received is a metric that determines the total percent amount that a homeowner received from the asking price, or list price, of the home. In May 2017, the percent of list price received was 95.4% compared to 2016’s 97.5%. So, what does this mean? While the percent of list price received did decrease by 2.1%, keep in mind that the overall median sale price is up over 25%, which means in the long run you’re going to get more money for your home now than you would have in 2016.
All statistics are from the New River Valley Association of Realtors local marketing update for May 2017