Being aware of the housing market trends can be very helpful when deciding whether or not to buy or sell your home. Comparing the current market’s trends to the previous year’s trends can help determine if now is the time to buy or sell. The following includes information about the housing market trends for the month of August in comparison to the market trends from January 2016 to this time in 2016.
The number of new listings in an area can help determine whether the market is in the favor of buyers or sellers. In Christiansburg and Radford, the number of new listings have increased significantly in comparison to this time last year. This increase means more housing options for buyers to choose from, meaning it is currently a buyer’s market. Year to date in 2017, the number of new listings in Christiansburg has increased by 17.6 percent with 542 new listings, in comparison to the 461 new listings year to date in 2016. In Radford, the number of new listings year to date in 2017 has increased by 5.3 percent with 238 new listings, in comparison to the 226 new listings this time last year. Year to date in 2017, Blacksburg’s housing market proves to be in the seller’s favor. The number of new listings has decreased by 6.7 percent, with 435 listings year to date 2017 in comparison to 466 new listings year to date in 2016.
Radford and Christiansburg have also seen an increase in closed sales year to date in 2017 — Christiansburg with a 12.7 percent increase and Radford with a 21 percent increase. This is good news for homeowners planning to sell. Although Blacksburg has had a slight decrease in closed sales in comparison to this time last year, it simply correlates with the fact that there have also been less listings in Blacksburg this year.
This year, in just the month of August, the amount of days on market until sale has significantly decreased in Blacksburg, Radford and Christiansburg. In Blacksburg, the days on the market until sale decreased from 64 days in August 2016 to 39 days in August 2017, resulting in a 39.1 percent decrease. Radford’s days on market until sale decreased 42.4 percent, from 66 days on the market in August 2016 to just 38 days on the market in August 2017. Finally, Radford saw a decrease of 17.7 percent in the number of days on the market, going from an average of 62 days on the market in August 2016 to 51 days on the market this past August. For sellers who want a quick selling process, these results mean now is the time to put your home on the market.
In comparison to year to date in 2016, Blacksburg, Radford and Christiansburg have all seen a slight increase in the percent of list price received this year. This small change in percentages means homeowners can expect to make more of the original listing price than if they sold their home 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 August 2017.