The Blacksburg housing market is a competitive market compared to other areas of the New River Valley and Southwest Virginia. It is highly demanded area with quick access to higher education like Virginia Tech, and local employers like Moog, Spectrum Brands, VCOM and the Transportation Institute. With this type of demand, it is a seller’s market for sure. This blog post will walk you through the first six months of 2017 compared to the first six months of 2016 so you can determine if you’re ready to buy and sell in Blacksburg.
The number of new listings in an area will reflect whether it is a buyer’s or seller’s market. Year to date in 2017, the number of new listings has totaled 366 according to the New River Valley Association of REALTORS® Local Market Update. This is compared to 2016’s 384 new listings from 1/2016 through 6/2016. This is an indication that now is the time to sell in Blacksburg if you are thinking about it. With fewer listings on the market, the competition to find a house is high so you’ll get a good amount of foot traffic for showings and open houses.
An indicator of a rising market is the median sales price. Looking at this number can show a prospective seller how much they can potentially aspect to receive for their house. So far in 2017, the median sales price has been calculated to $266,000 compared to 2016’s $242,000. This is an overall increase of 9.9% and an indication that the market is allowing for houses to be priced higher than that of 2016, and that means your home could produce more of a sale than you might have originally thought.
When selling a house, we all know that the list price is not the final sale price most of the time. Bids higher than the list price can come through and bids lower than the list price can come through. Percent of list price received is an indicator of the total percentage of the list price that you can expect your home to sell for. There hasn’t been much of an increase, but compared to 2016’s 97.9% list price and 2017’s 98.0% list price, this small increase can mean a lot in the housing market. Though just .1%, a seller can expect to get more of the list price than if they would have sold last year.
Do you have any questions on the Blacksburg housing market? Want more stats? Contact us today and we would be happy to answer any and all questions you have concerning the current state of the market and whether buying or selling a home is the right choice for you.
*All statistics and numbers were retrieved from the NRVAR Local Market Update report for June 2017.