As expected, it was another great year for sellers across the New River Valley. Although most segments of our market saw a rise in the number of homes sold, the days on market continued to decrease due to high buyer demand. A decline in interest rates contributed to this sustained demand and affordability rose for many buyers.
A competitive Blacksburg market led to a year over year increase in average sales price of $24,500, an 8.5% increase. The number of units sold increased by 11.6%. Christiansburg saw its own growth with an increase of units sold of 5.6% and average sales price increase of 3%. The City of Radford had a significant inventory issue this past year. The number of units sold decreased by 30% from 2018. As a result, the average sales price increased by 14%. The surrounding NRV market stayed consistent with a slight increase in number of units sold and 5.3% increase in average sold price.
According to industry experts, another year of low inventory lies ahead of us. We expect to see continued rising prices and a competitive market for buyers. If you have been considering selling your home, it is a great time to maximize your proceeds. Strategically planning your transition to a new property will be one of the more important factors in this decision process.
We are always happy to discuss your specific market or property in further detail. Contact us at your convenience!
