Looking Ahead: New River Valley Economic Development and its Impact on Real Estate
The New River Valley between the stunning Blue Ridge and the Appalachian Mountains is buzzing with exciting economic growth! It has so much to offer with Floyd, Giles, Montgomery, Pulaski counties, and the City of Radford. Undoubtedly, it draws in both businesses and residents. Keep reading about how New River Valley’s economic development affects its real estate market!
New River Valley Real Estate Market Watch
As of November 2024, homes in Floyd County had a median sale price of $445,000. However, NRV real estate trends are always changing. Contact The Louise Baker Team for help buying and selling homes in Virginia’s New River Valley.
2 Ways New River Valley Economic Development Impacts Local Real Estate
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It’s a Business Hub
Businesses are thriving here, helping to boost the local economy and giving a nice lift to the real estate market. With a mix of innovation, a great location, and solid infrastructure, NRV is becoming a magnet for various industries. You’ll find everything from cutting-edge startups to established global brands.
One of the best things about the NRV is its fantastic location. It offers easy access to interstates like I-81 and I-77, rail services, and the nearby Roanoke-Blacksburg Regional Airport.
In November 2024, the VEDP Real Estate Solutions team even visited the area. It served as a showcase of commercial properties in the NRV counties. NRV has spaces that perfectly blend business needs with the region’s natural beauty.
And it isn’t just locals who recognize the value of the NRV. In 2019, CNBC named the Commonwealth of Virginia and the New River Valley top spots for business.
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Students and Employment are Increasing
The area is starting to appreciate thriving industries like agribusiness, information technology, and advanced manufacturing! These industries are attracting a skilled workforce! The region attracts talent with top-notch facilities and esteemed educational institutions like Virginia Tech.
Whether drones, IT solutions, sustainable food processing, or cutting-edge manufacturing, the NRV is flourishing! Companies like Torc Robotics, Red Sun Farms, and Corning are paving the way and creating new jobs. As a result, students and young professionals are looking for new homes in the area.
Exciting News: NRV’s Blacksburg-Christiansburg and Roanoke are in the top 100 places in the United States for economic growth hotspots. Area Development reported this information and published its rankings of the top metropolitan areas for 2024.
The real estate market is thriving as the area continues to become a go-to destination for advanced manufacturing and technology. This vibrant environment is driving up commercial and residential real estate investment.
New River Valley Real Estate Expert
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