Roanoke Valley Housing Market Update May 2023

Welcome to the Roanoke Valley Housing Market Update for May 2023! As we head into the summer months, let's take a look at the current state of the real estate market in our area.

Market Update:

The Roanoke Valley housing market remains strong, with 449 contracts closed in May and 513 homes placed under contract. While the number of closed contracts is down slightly from the previous month, the number of homes placed under contract is up, indicating that there is still strong demand from buyers.

The average price of closed homes in May was $334,126, which is up slightly from the previous month. This is good news for sellers, as it indicates that home values in the area continue to appreciate.

Buyers:

For buyers in the Roanoke Valley, the current market presents both opportunities and challenges. With interest rates still relatively low, it is a good time to buy a home. However, with strong demand from buyers and a limited supply of homes on the market, it can be difficult to find the right property at the right price.

To increase your chances of success, it is important to work with a knowledgeable real estate agent who can help you navigate the market and find the best deals. You may also want to consider expanding your search to include neighboring areas or considering properties that need a little bit of work.

Sellers:

If you are thinking about selling your home in the Roanoke Valley, now is a great time to do so. With strong demand from buyers and limited inventory, it is a seller's market. However, it is still important to price your home appropriately and make sure it is in good condition in order to attract the right buyers.

Working with an experienced real estate agent is key to a successful sale. Your agent can help you set the right price, market your home effectively, and negotiate with potential buyers.

Conclusion:

Overall, the Roanoke Valley housing market remains strong in May 2023, with strong demand from buyers and limited inventory. Whether you are a buyer or a seller, it is important to work with a knowledgeable real estate agent who can help you navigate the market and achieve your goals.

If you are interested in buying or selling a home in the Roanoke Valley, please don't hesitate to contact our team. We would be happy to answer any questions you may have and help you achieve your real estate goals.